Tag Results
90% of COLPs and COFAs in place, but 1,000 firms miss 1 January deadline
Wednesday, 2 January 2013Nearly 90% of firms had their compliance officers in place for the start of the new regime yesterday, with the rest either yet to have their nominations approved or, in the case of 194 firms, failed to complete the process at all.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority, SRA Handbook
Posted in Latest news, Solicitors
Private equity, share schemes and non-lawyer partners: new ABSs highlight diversity of uses
Friday, 21 December 2012Three more alternative business structures (ABSs) have been licensed by the Solicitors Regulation Authority, with external investment, an employee share scheme and a non-lawyer partner the drivers behind them.
Tags: ABS, Alternative business structures, private equity, Solicitors Regulation Authority
Posted in Alternative business structures, Latest news, Market monitor
Rules on judicial evaluation and QCs to change in QASA shake-up
Friday, 21 December 2012More time to obtain judicial assessments and greater recognition for QCs have emerged as key amendments to the Quality Assurance Scheme for Advocates, leaving some of the most contentious aspects – such as plea-only advocates – unchanged.
Tags: bar standards board, ILEX Professional Standards, Joint Advocacy Group, QASA, Quality Assurance Scheme for Advocates, Solicitors Regulation Authority
Posted in Barristers, Latest news, Legal Executives, Solicitors
Hundreds of delinquent firms move closer to COLP/COFA action
Thursday, 20 December 2012Around 250 law firms have yet to even start the process of nominating their compliance officers and face having their authorisation removed in the New Year, the Solicitors Regulation Authority announced yesterday.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Thousands of solicitors face losing right to practise after PC renewal failures
Wednesday, 19 December 2012Thousands of solicitors face having their right to practise removed after failing to meet the deadline to renew their practising certificate for 2012/13. Meanwhile, around 1,500 law firms have not responded to the Solicitors Regulation Authority’s staff diversity questionnaire.
Tags: diversity, Legal Services Board, practising certificate, Solicitors Regulation Authority
Posted in Latest news, Solicitors
LSB urges conveyancing regulators to consider alternatives to client account
Tuesday, 18 December 2012Regulators should explore alternatives to conveyancers holding client money in a bid to tackle the risks of fraud, the Legal Services Board has recommended. However, it found regulators are working hard at the issue and that it need not intervene any further.
Tags: conveyancing, Council for Licensed Conveyancers, mortgage fraud, Solicitors Regulation Authority
Posted in Latest news, Legal Services Board, Other lawyers, Solicitors
Traditional firms “more innovative than ABSs”, says SRA, as it promises COLP/COFA reassurance
Monday, 17 December 2012Innovations in legal practice are coming more from traditional law firms than from ABSs, the SRA said last week. Meanwhile, it will this week clarify the position of firms that have submitted COLP and COFA nominations but have not yet received approvals.
Tags: ABS, Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, outsourcing, personal injury, practising certificate, Solicitors Regulation Authority
Posted in Alternative business structures, Latest news, Solicitors
SRA: “too many” COLP and COFA nominees failing to disclose suitability issues
Thursday, 6 December 2012The Solicitors Regulation Authority has received “too many” compliance officer nominations where the individuals concerned have failed to disclose serious disciplinary issues that make them unsuitable for the role, as it warns that hundreds of firms will start 2013 without officers in place.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Allow not-for-profit agencies to charge, says LSB as it delays date for them to become ABSs
Thursday, 6 December 2012Not-for-profit (NFP) advice agencies should be allowed to charge for providing legal services soon, the Legal Services Board said yesterday, while also announcing a delay in the creation of an alternative business structure licensing scheme until at least April 2015 because no regulator is ready to provide it.
Tags: ABS, Alternative business structures, not-for-profit, Solicitors Regulation Authority
Posted in Alternative business structures, Latest news
Masses of non-compliance by overwhelmed solicitors, research finds
Wednesday, 5 December 2012There are widespread failures among law firms to comply with a host of key regulatory requirements, from their websites to the Bribery Act, new research seen exclusively by Legal Futures has shown. The figures indicate that there is simply too much for small firms to comply with, according to its author.
Tags: compliance, OFR, outcomes-focused regulation, Solicitors Regulation Authority
Posted in Latest news, Other lawyers, Solicitors