Tag Results
SRA scraps minimum salary for trainees
Thursday, 17 May 2012The minimum salary for trainee solicitors will be scrapped on 1 August 2014, the board of the SRA decided yesterday, saying it is not the job of a regulator to control wages. Firms will be required to pay the national minimum wage of £6.08 an hour.
Tags: minimum salary, Solicitors Regulation Authority, trainee solicitors
Posted in hrtraining, Latest news, Solicitors
SRA set to delay COLP and COFA regime to 2013
Wednesday, 16 May 2012The Solicitors Regulation Authority is set to delay the compliance officer regime, it has emerged. The scheme for compliance officers for legal practice (COLPs) and for finance and administration (COFAs) was due to go live on 1 November.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, internal governance rules, Law Society, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Law Society launches stinging attack on SRA plan for massive fining powers
Tuesday, 15 May 2012Solicitors Regulation Authority plans to introduce multi-million pound fines for law firms are a “significant breach of Parliament’s intentions” and in any case wrong on policy grounds, the Law Society has claimed.
Tags: ABS, Alternative business structures, Law Society, Legal Services Board, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Scary Spice
Monday, 14 May 2012At some stage in your career – probably many years ago – someone will have asked you to describe your perfect job or where you saw yourself in 10 years’ time. Maybe you talked earnestly about your burning desire to bring justice to the masses. More likely, you claimed that your ultimate goal was to be partner in the interviewer’s fine establishment. Chances are you didn’t say: “What I want, what I really really want, is to be a compliance officer for legal practice.” – Allison Wooddisse discusses what firms should include in a COLP’s job description.
Tags: COFA, COLP, compliance, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Accounts Rules, Solicitors Regulation Authority
Posted in Blog
SRA under fire for “failing to act” on bogus law firm warning
Friday, 11 May 2012A Birmingham law firm is considering action against the Solicitors Regulation Authority for failures which it claims led to it being tricked by a bogus practice as part of a mortgage fraud and now facing a court order to repay £184,500 to the lender.
Tags: fraud, mortgage fraud, Solicitors Regulation Authority
Posted in Latest news, Solicitors
LSB calls on government to back bid for huge increase in SRA’s fining powers
Thursday, 10 May 2012The Legal Services Board has called on the government to support a bid by the Solicitors Regulation Authority for a massive increase in the amount it can fine law firms. The SRA wants to increase its power to fine law firms from £2,000 to £250m, and to £50m for individuals.
Tags: ABS, Alternative business structures, Legal Services Act, Legal Services Board, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in Latest news, Legal Services Board, Solicitors
SRA acts over identity fraud after series of bogus law firms
Tuesday, 8 May 2012A rash of bogus law firms in recent months has persuaded the Solicitors Regulation Authority (SRA) to publish guidance for solicitors on guarding against identity theft. It has issued six warnings about bogus firms or branch offices of legitimate firms in the past six months.
Tags: fraud, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Regulators and professional bodies strike MDP deal
Friday, 4 May 2012Twelve regulators and professional bodies from the legal, accountancy, financial and property sectors have finally signed a formal agreement aimed at co-ordinating the oversight of multi-disciplinary practices.
Tags: ABS, Alternative business structures, bar standards board, Council for Licensed Conveyancers, Financial Services Authority, ILEX Professional Standards, Institute of Chartered Accountants, IPReg, MDP, multi-disciplinary practice, Solicitors Regulation Authority
Posted in Alternative business structures, Barristers, Latest news, Legal Executives, Other lawyers, Solicitors
Scrapping minimum salary will stimulate more, if lower-paid, training contracts, says SRA
Thursday, 3 May 2012Scrapping the minimum salary for trainee solicitors is likely to stimulate more training contracts – but the majority will pay below the current minimum level, a Solicitors Regulation Authority report has concluded. However, the negative impact on diversity is not as clear-cut as critics think.
Tags: equality and diversity, minimum salary, Solicitors Regulation Authority
Posted in hrtraining, Latest news, Solicitors
Regulator lays bare litany of complaints over mySRA
Wednesday, 2 May 2012The Solicitors Regulation Authority has laid bare the litany of complaints about the botched 2011 practising certificate renewal process. Introduction of the mySRA system was beset by technical problems.
Tags: mySRA, practising certificate fee, Solicitors Regulation Authority
Posted in Latest news, Solicitors