The Legal Services Board has recently approved sweeping regulatory reforms proposed by the Solicitors Regulation Authority under its Looking to the Future programme. The changes are expected to be effective from 25 November 2019.
The new SRA Standards and Regulations focus on the issues most important to protecting the public and their money. The removal of many prescriptive rules will allow solicitors to use their professional judgement in considering how they meet the standards.
Key changes being introduced include:
- Creating separate codes of conduct for firms and solicitors
- New Account Rules that focus on the principles of keeping client money safe, rather than lots of specific technical rules
- Freeing up solicitors to carry out ‘non-reserved’ legal work from within a business not regulated by a legal services regulator
- Allowing solicitors to provide reserved legal services on a freelance basis
Join leading SAR expert Janet Taylor for a two hour webinar on 27th September to get a practical overview of the new Accounts rules, the reporting requirements, your responsibilities and the risk areas.