Solicitor Current Issues

Following a consultation period, which ran between May and June last year, the Solicitors Regulation Authority (SRA) announced, in September 2014, that a three-stage process regarding the proposed new changes to the SRA Accounts Rules would be phased in. Phase Two of the changes has recently been disclosed.

Following an announcement by the SRA, on 15 July 2015, the changes to the format of the accountants’ report for solicitors’ practices are set to relax from the existing rigid requirements. This should be a welcome announcement for law firms across the UK, both small and large. The latest development, announced on 1 June 2016, is that the SRA is to begin consultation for the third (and final) phase of its review of the Accounts Rules.

• Phase Three: All change for the SRA Accounts Rules
• Approval of changes to the SRA Accounts Rules granted
• SRA set to relax Reporting Accountants’ requirements
• SRA Accounts Rules training courses

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The default model for a solicitor practice was historically the partnership structure. However, the take up by law firms adopting LLP model in the UK has been particularly impressive. Full incorporation can bring benefits to the firm, but there are some disadvantages that must be carefully thought-out.

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The legal sector in the UK is currently finely balanced; the SRA Accounts Rules are undergoing unprecedented and radical change, the age profile of the sector is rising, there are mounting regulatory burdens and changing consumer needs are transforming the once rigid and inflexible business models that law firms had in place for many years.

• Deregulation of the legal sector – where next for solicitors?

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On 23rd June 2016 the UK voted to leave the European Union. From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the EU.

• What does Brexit really mean for you?

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The COLPs, partners and practice managers of law firms hardly need reminding of the risks of data loss and the potential financial cost and reputational damage which can arise. Data breaches are regularly reported in the news and the SRA may well be focusing their efforts on cyber security and data protection when visiting law firms.

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