April 2019 Newsletter
The SRA has announced that the launch date of the new regulations entitled ‘Standards and Regulations will be 25 November 2019.
The reforms were approved by the Legal Services Board last year and have been developed over a 4-year period, with more than 35,000 members of the public, the profession and wider stakeholders being involved.
So, what should we expect? Overall the SRA has stated that the new regulations will remove the prescriptive rules that we currently have to adhere to, thus reducing the burden on solicitors (and firms).
Solicitors will have greater freedom to use professional judgement rather than follow the current, arguably, rather rigid rules. The changes include:
•Creating separate codes of conduct for firms and solicitors
•Simpler Account Rules that focus on the principles of keeping client money safe, rather than an abundance 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
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