Anyone interested in the future of legal services or in the management of a law firm should grab a copy of Lord Hunt’s Review of the Regulation of Legal Services.
The review marks an important step in the development of the relationship between regulator and regulated. The Solicitors Regulation Authority (SRA) faces numerous challenges over the next 18 months in responding to the implementation of the Legal Services Act 2007 and in licensing alternative business structures (ABSs).
The review is therefore a timely opportunity for the solicitors’ profession to take stock of its relationship with the SRA.
Lord Hunt makes 88 recommendations in the review. Their scope is immense, ranging from the mundane (printing credit card-sized reminders of the core principles) to the profound (a new form of self-regulation for solicitors’ firms). They are likely to upset, excite and baffle in equal measures.
While it is a difficult document to summarise, three main themes emerge.
The first could be described as: “Keeping an eye on the watchmen.” These are the group of recommendations that target the SRA. Some act as a spur to its better performance;
