Tag Results
Law Society: SRA has “no coherent vision” for insurance reform
Tuesday, 1 March 2011Excluding claims by financial institutions from compulsory professional indemnity insurance cover will harm consumers and smaller law firms, cut access to justice and do little to reduce conveyancing claims, the Law Society has said.
Tags: Law Society, professional indemnity insurance, Solicitors Regulation Authority
Posted in Indemnity insurance, Latest news, Solicitors
“Building a growing army of enemies”
Monday, 21 February 2011The Inner Temple’s seminar on the future of legal education provided a stimulating finish to last week. It was the first such discussion since the announcement of the review of education and training being conducted jointly by the Solicitors Regulation Authority, Bar Standards Board and ILEX Professional Standards, under the beady eye of the Legal Services Board.
Tags: bar professional training course, bar standards board, legal education, Solicitors Regulation Authority
Posted in Blog
Call for clarity over compliance officers that all firms need to appoint this year
Wednesday, 16 February 2011The Solicitors Regulation Authority urgently needs to provide more guidance on the role of the compliance officer for legal practice (COLP), which every law firm will be required to have from October, a leading legal regulation specialist has warned.
Tags: compliance officer for legal practice, Solicitors Regulation Authority
Posted in News, Solicitors
News in brief: Co-op expands legal arm, paralegals on the up and much more
Friday, 11 February 2011Our weekly round-up of other news takes in further expansion at Co-operative Legal Services, two innovations on the paralegal front, “virtual” firms piloting the SRA’s relationship management, and a tricky decision for LSB chairman David Edmonds
Tags: ABS, Alternative business structures, Co-op, legal process outsourcing, Legal Services Board, LPO, Scotland, Solicitors Regulation Authority
Posted in Market monitor, News, News In Brief, Outsourcing, Solicitors
LSB presses ahead with plan to regulate ABSs amid concerns over Law Society vote
Friday, 4 February 2011The Legal Services Board is pushing ahead with preparations to regulate alternative business structures itself because of fears that the Law Society council will next month block the Solicitors Regulation Authority’s plan to become an ABS regulator, Legal Futures has learned.
Tags: ABS, Alternative business structures, Law Society, Legal Services Board, Solicitors Regulation Authority
Posted in Alternative business structures, Legal Services Board, News
Escalating number of allegations over financial misconduct by firms, says SRA
Thursday, 3 February 2011Law firms are facing an escalating level of accusations over financial misconduct, with claims on the Solicitors Compensation Fund also doubling in a year to £163m, figures from the Solicitors Regulation Authority have revealed.
Tags: Solicitors Accounts Rules, Solicitors Compensation Fund, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in News, Solicitors
Three-month extension to insurance should replace ARP, suggests Law Society
Wednesday, 2 February 2011A temporary extension of cover should replace the pooled liability insurers have for struggling law firms, the Law Society has proposed. The extension of existing cover should be for a minimum of three months and its cost based on the current premium.
Tags: assigned risks pool, Law Society, professional indemnity insurance, Solicitors Regulation Authority
Posted in Indemnity insurance, News, Solicitors
SRA to consider compulsory ethics training for all solicitors as it plans major CPD review
Tuesday, 1 February 2011Ethics training could become a compulsory element of solicitors’ continuing professional development as part of a fundamental review to be conducted by the Solicitors Regulation Authority, Legal Futures has learned. The review – described by the SRA as “overdue” – will look to ensure that CPD “works in the new world of alternative business structures and outcome-focused regulation”.
Tags: ABS, Alternative business structures, continuing professional development, CPD, ethics, OFR, outcomes-focused regulation, Solicitors Regulation Authority
Posted in News, Solicitors
£150m limit for fines against ABSs is not high enough, says SRA
Wednesday, 26 January 2011The miners’ compensation scandal shows that a maximum fine of £150m for misconduct or non-compliance by alternative business structures is too low, the Solicitors Regulation Authority has warned. With new entrants set to enter the legal market after 6 October, it was “perhaps dangerous to rely too heavily upon turnover figures in the current market to assess appropriate fining powers”.
Tags: ABS, Alternative business structures, Legal Services Act, Legal Services Board, Solicitors Regulation Authority
Posted in Alternative business structures, Legal Services Act, Legal Services Board, News, Solicitors
SRA warns firms to be on the lookout for fraudsters cloning their identities
Tuesday, 25 January 2011Law firms should search the Internet regularly to ensure their identities have not been “cloned” by fraudsters, the Solicitors Regulation Authority has advised. The SRA issued the warning after recent fraudulent activity where bona fide firms and solicitors have had their identities cloned by criminals particularly operating advance-fee frauds.
Tags: fraud, Solicitors Regulation Authority
Posted in News, Solicitors