The Solicitors Regulation Authority (SRA) has begun an evaluation of financial data gathered from 2,000 law firms after warning earlier this summer that an increasing number of the UK’s 11,000 law firms face financial collapse due to a ‘toxic combination of factors causing a perfect storm’. Elsewhere, the latest report from KPMG reveals the total bill for winding down Cobbetts currently stands at nearly £1.7m.
Regulators are never popular but the Bar’s watchdogs have seen sustained controversy finally escalate into a court challenge to their procedures.
The High Court earlier this month heard a claim for judicial review of the Bar’s regulatory procedures related to problems with the Bar Standards Board (BSB) and Bar disciplinary tribunals identified last year. Continue reading “After mounting controversy Bar watchdogs face court challenge to procedures in high-stakes move”
The fifth LB/Marsh round table brought together a group of risk experts to discuss the practical effects of alternative business structures and who to appoint in key management roles created by the SRA.
The timing could not have been better – the fifth risk round table hosted by LB and Marsh took place at the end of March, just a day after the Solicitors Regulation Authority (SRA) issued its first three licences for alternative business structures (ABS) under the Legal Services Act. Unsurprisingly, then, the topic of ABS and commercial law firms taking on external capital was high on the agenda.