denotes premium content | Sep 2 2010 
News
posted 11 Nov 2008
Law Society to undertake regulatory review
THE LAW Society has commissioned a review into the current regulatory structure for UK law firms.
Led by Lord Hunt of Wirral, the predicted nine-month consultation process is to consider factors including the needs of different types of law firm clients and the importance of ensuring diversity in the profession.
Meetings will be held with all identified stakeholders, with the Solicitors Regulatory Authority (SRA) playing a particularly significant role. The SRA will also finally decide whether any conclusions from the review are implemented.
As a separate strand, the review will also seek to ascertain whether the current regulatory, monitoring and enforcement regime is appropriate for corporate firms, or whether a separate system would be preferable in this instance.
The Law Society said corporate firms, often with an international dimension, gave rise to specific issues that could be considered most effectively in a separate review.
This strand will include consultation with large corporate law firms and their clients, and will be led by former Ministry of Justice civil servant Nicholas Smedley.
Law Society president Paul Marsh said: “The Law Society wants to ensure that the regulatory regime for solicitors firms is appropriate, inspires public confidence and supports the development of profitable legal businesses.
“We need to ensure we have an effective regulatory system which protects consumers and the wider public interest and is relevant to the different markets in which firms operate.”
However, the SRA said the Law Society may be “confusing representative and regulatory functions” in making the announcement.
The SRA was launched as a separate regulatory body to complement the Law Society’s representative activities in 2007.
