In December 2018 the Solicitors Regulation Authority (SRA) brought in the transparency rules. Firms were required to publish price and service information for particular services on their website. These rules were brought in by the SRA to ensure potential clients had accurate information about the firms they are considering to help them make informed choices.
The SRA has stepped up its approach and begun to enforce these rules after firms have been warned for over two years with additional advice and warning letters, with nine firms (one is appealing the decision) being maneuvered into enforcement action by the regulator already this year. The penalties range from a rebuke up to a £2,000 penalty. You can see a full list of penalties here.
The SRA reports that the recent COVID-19 lockdowns have made it more crucial than ever for law firms to provide a useful and detailed online presence. Following the transparency rules not only helps to avoid a penalty, but also demonstrates to potential clients that your services are competitive and affordable.
How can we help?
At Hawsons we have a dedicated team of solicitor accountants at our offices in Sheffield, Doncaster, and Northampton. We act for a large number of law firms across all three of our offices and offer a wide range of services which are tailored to meet their individual needs. Our legal client base consists of a multitude of firms of varying structure and size, from sole traders to limited companies and LLPs with corporate members.
More similar articles
Law firms increase borrowing during COVID-19
During the course of the Covid-19 pandemic law firms have borrowed nearly £700m via the government's various Covid-19 support schemes. Research conducted by Hazlewoods, a firm of chartered accountants within our HLB International group showed that UK law firms...
SRA plan to form 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...
How has Brexit impacted the legal sector?
Since the UK officially left the EU on 1 January 2021, stories about the impact of Brexit on the legal sector have not been a prominent feature in the headlines. The initial response to the deal from many legal professionals was mixed, albeit with a general feeling of...
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...