Regulatory change is on the way for consultant firms: Shaunagh Rogers explains what’s to come & why it will strengthen the profession
- The SRA will require more data from consultant-led firms following its growth strategies thematic review.
- Firms should prepare now by documenting supervision arrangements, centralising AML controls, and ensuring file audit processes are auditable.
- The FCA will become the SSPS for anti-money laundering, replacing the SRA. Firms should anticipate a more data-intensive, financial services style approach to AML compliance during the transition period.
The consultant solicitor model has grown rapidly over the past decade. Typically, they provide regulatory infrastructure, professional indemnity insurance, technology platforms and administrative support, while consultant solicitors deliver legal services as self-employed practitioners under the firm’s Solicitors Regulation Authority (SRA)-regulated entity. That growth has drawn the attention of the SRA, and its regulations are now evolving to match the model’s scale and significance.
In late 2025, several developments accelerated this process. The SRA published its growth strategies thematic review in December, examining accumulator, acquisition and consultant models for the first time. It
