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The growth capital fund which became the first external investor in a high street law firm last week has said it will consider investing in other legal practices.

Plans by the Solicitors Regulation Authority to relax the separate business rule could cause “irreparable damage” to the solicitor brand and “drive significant numbers of the profession” into the unregulated sector, the City of London Law Society has warned.

The High Court has backed an application by the Solicitors Regulation Authority to destroy millions of documents seized from firms it has intervened in and had to store since, at significant cost to the profession.

The Bar Standards Board has launched a pilot scheme to test plans to replace its hours-based CPD system with a new scheme in 2017. The pilot, launched last month, will run until March next year.

The jailing of former Law Society council member Michael Webster for a fraud offence last summer caused “significant damage” to the profession, the Solicitors Disciplinary Tribunal has said.