Law Society responds to Lord Hunt's review of regulation of law firms

Date Published: 23-04-2009

Law Society responds to Lord Hunt's review of regulation of law firms

Today the Law Society published its response to the call for evidence from Lord Hunt's review of regulation. The review will advise on what is needed to achieve good, modern regulation of all law firms across England and Wales.  The Law Society response addresses a number of important issues raised in the call for evidence. 

In its response the Society says it supports principles based regulation, accompanied by sufficient guidance on compliance within a flexible regime that takes account of the characteristics of the firms to which it applies.  It also supports the move to base regulation more on the firms through which legal services are provided rather than focusing exclusively on individual solicitors but, Law Society President, Paul Marsh says: "we are keen to ensure that there is no additional inappropriate burden placed upon the profession as a result - both in terms of cost and risk of sanction by the SRA, who will need to ensure a shift in regulatory mindset to regulate under the new regime."

In its response the Society also welcomes the forthcoming introduction of ABSs as an alternative to traditional solicitors firms, but emphasises that the regulatory requirements on ABS firms must match those on ordinary solicitors firms so that consumer protection for their clients is as comprehensive as that provided by traditional solicitors firms. 

Paul Marsh also commented on the need for SRA to engage more constructively with the profession: "We want the SRA to work with the profession to develop more effective and responsive regulation across the board, from Rules to Education and Training provisions. In particular, we urge SRA to work with the profession to improve bi lateral communication and increase the level of transparency in its consideration of feedback from the profession.  

"We believe that the regulator should have a detailed understanding of the regulated community and adopt a flexible approach to dealing with the varied parts of that community. This approach should be bolstered by relevant internal expertise and experience corresponding to the entire breadth of the profession."

"The Law Society is concerned that the SRA does not currently have all the necessary skills or understanding to regulate in this way."  

Ends 

For more information go to Hunt roadshows 

Read the submission  

Watch a video about the corporate strand of the Hunt review

Journalists for more information and interview requests please contact Melissa Davis in the Law Society press office on 020 73205811