The SRA commissioned an independent report to better understand the high-risk market developments that law firms identify and how they mitigate these, where relevant. Here is a link to the report: https://www.sra.org.uk/sra/research-publications/risk-legal-profession/ Firms were asked to select from a list the top 3 concerns as risk to the organisation over the coming year. The top […]
It seems that the SRA reviewed 25 law firms (we helped at least 1 of these through this). In general, they found that things were being done well. 21 of them had a written policy and/or procedure on how the firm would account to clients for interest on money held. (If you don't, we can […]
Italian lawyers who want to work inhouse have to de-register as avvocatos. It's a thing in the Italian jurisdiction. On the face of it, it would create a problem with them meeting the requirements for being able to apply for exemption from the SQE2 exam (part of the SQE route to qualify as a solicitor […]
The Home Office has published guidance on the Failure to Prevent Fraud offence. Here is the link: https://www.gov.uk/government/publications/offence-of-failure-to-prevent-fraud-introduced-by-eccta Under the offence large organisations may be held criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation. The offence is intended to encourage organisations to build an […]
The Law Society has published a report on this topic. Here is a link to where you may read a summary and download the full report: https://www.lawsociety.org.uk/topics/research/international-data-insights-2024#download In short the influence of English law continues to grow. It is seen as the law of choice for international trade. We do a lot of work assisting […]
In the November 2024 COLP & COFA Conference the SRA gave notice that it would be starting spot checks in 2025 on firms to check that Client Account Audits were being carried out when they were supposed to be. We've just received notification from one of our law firm clients that they have received an […]
Following a thematic review in 2023 and consultation, the SRA has issued guidn=ance for the 34,5000 inhouse solicitors that it regulates. The include practical examples, resources and checklists. Here's a link to the page on their website: https://www.sra.org.uk/sra/news/press/support-in-house-solicitors/ The Guidance: Assistance from us We support businesses in the legal profession with compliance - with SRA […]
On 30th September the SRA published new Guidance on how it expects firms to comply with the Transparency Rules. There is no change to the rules, but they have published new and updated resources. Whereas before the information was a little difficult to follow, now it is more detailed with templates. It should be easier […]
The Legal Ombudsman has issued Guidance from with case studies, setting out the types of issues involved in these cases, and how they're likely approach them if they were referred to them. Although mention is made early on in the advice about success fees, the guidance is of general application to all costs complaints and […]
We have received clarification from the SRA of their ambiguous word concerning legal work experience. In their helpful tool summarising what they want with regard to those qualified in certain jurisdictions which they have considered, the SRA write: "xx months legal work experience post-qualification as a xxx advocate (substitute in the description of a qualified […]
