We have commented on these in our November 2018 and March 2019 issues. Changes have already been approved under the SRA Regulatory Arrangements (Reporting Concerns) (Amendment) Rules (link: www.legalrisk.co.uk/news) and these will lower the threshold at which reporting obligations are triggered. All partners and firm members will have individual obligations to report potential breaches; this is likely to result in more individuals reporting matters directly to the SRA rather than leaving matters to the Compliance Officer for Legal Practice (COLP), which may itself increase the pressure to report early.
Meanwhile, we have been advising a number of firms which are exploring the route to regulation by legal services regulators other than the SRA. There is no one-size-fits-all solution, but where the conditions are right, there can be benefits for some.
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