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Legal sector continues to grow in July
Legal sector continues to grow in July

Recent statistics have revealed that the legal sector has defied predictions of a slowdown. Data from the Office for National Statistics has revealed that turnover for the legal sector for July was £3.7bn, an 8.3% increase from July 2021 (£3.4bn) and a 2.2% increase...

Larger volume of work for in-house lawyers
Larger volume of work for in-house lawyers

Recent sector research has found that the biggest challenge facing in-house legal teams is managing risk whilst prioritising large volumes of work. It is important to note that this was a global survey formed of 169 legal, risk and compliance professionals. Over 20%...

SRA Confirms Fining Power Increase to £25,000

Towards the end of 2021 the SRA announced that they were proposing an increase in fining powers from £2,000 to £25,000. In addition, the regulator announced the development of a new fast track system for ‘fixed penalties’ for low-level offenses. It was recently...

SRA seeks greater fining power
SRA seeks greater fining power

The SRA is proposing a major increase in their fining powers and has developed a new fast track system for ‘fixed penalties’ for low-level offenses. The SRA has begun a consultation on increasing the maximum fine they can issue to law firms from £2,000 to £25,000. In...

Rules for taxing partners due to change

The government has published draft legislation outlining how they aim to change the current rules for taxing partners in cases where the partnership’s year-end does not fall on 31 March or 5 April.   What changes are being proposed? Partners will be taxed on the...

SRA plan independent team to evaluate enforcement quality

The SRA is planning to create an internal independent team to monitor and evaluate the quality of the disciplinary policies and decisions the SRA has put in place. This proposed new team will work at a distance from SRA operations and will maintain and prepare quality...

ICAEW Publish Updated Guidance on SRA Accounts Rules

The SRA Accounts Rules were last updated in November 2019 and are now more condensed with the focus shifting from prescriptive rules to principles-based regulation. The ICAEW’s Audit and Assurance Faculty have now released TECH 01/21 AAF which provides the latest...

Business Interruption Insurance Court Case

This January, the Supreme Court ruled largely in favour of the Financial Conduct Authority (FCA) and businesses receiving payments from business interruption insurance policies. This verdict has been regarded as a huge win for businesses, with many suggesting that...

Legal sector continues to grow in July
Legal sector continues to grow in July

Recent statistics have revealed that the legal sector has defied predictions of a slowdown. Data from the Office for National Statistics has revealed that turnover for the legal sector for July was £3.7bn, an 8.3% increase from July 2021 (£3.4bn) and a 2.2% increase...

Larger volume of work for in-house lawyers
Larger volume of work for in-house lawyers

Recent sector research has found that the biggest challenge facing in-house legal teams is managing risk whilst prioritising large volumes of work. It is important to note that this was a global survey formed of 169 legal, risk and compliance professionals. Over 20%...

SRA Confirms Fining Power Increase to £25,000

Towards the end of 2021 the SRA announced that they were proposing an increase in fining powers from £2,000 to £25,000. In addition, the regulator announced the development of a new fast track system for ‘fixed penalties’ for low-level offenses. It was recently...