The Legal Services Regulatory Authority (LSRA) has initiated a month-long consultation on the draft regulatory framework for new legal partnerships. This framework enables partnerships between solicitors and barristers, allowing them to offer legal services jointly, a development made possible by amendments to the Legal Services Regulation Act 2015 in July 2023. These partnerships may operate…
Client Due Diligence: Anti-Money Laundering and Ethical Obligations for Lawyers
Hardy, P. D., & Danch, S. Client Due Diligence: Anti-Money Laundering and Ethical Obligations for Lawyers. When the so-called “Panama Papers” scandal broke in 2016, it cast an unpleasant spotlight on the potential role of lawyers across the globe assisting – knowingly or unknowingly – their clients in money laundering, tax evasion, and other illegal…
The role of legal professionals in the European and international legal and regulatory framework against money laundering
Valvi, E. A. (2023). The role of legal professionals in the European and international legal and regulatory framework against money laundering. Journal of Money Laundering Control, 26(7), 28-52. Abstract Purpose – The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering:…
The State Bar of California Trustees approve the 2024 budget, including measures to mitigate the impending budget deficit
The State Bar of California trustees have approved the 2024 budget. This budget is key in mitigating the impending insolvency of the State Bar of California General Fund, including utilising proceeds from the previous year’s building sale to mitigate an ongoing structural deficit. Bar-wide revenue is projected at $428.9 million, while expenses stand at $400.9…
The Association of Chartered Certified Accountants is removed as an approved regulator by the Legal Services Board
On February 29, 2024, the Lord Chancellor accepted the recommendation from the LSB to approve The Association of Chartered Certified Accountants (ACCA)’s application to cancel its designation as an approved regulator under the Legal Services Act (2007). This decision followed a recommendation made by the LSB in July 2022, which came after ACCA confirmed that…
The Institute for the Advancement of the American Legal System (IAALS) produces report exploring civil justice reform
In Autumn 2021, IAALS launched the Paths to Justice virtual summit series, focusing on challenges and opportunities for systemic change in the justice system. The series fostered conversations among stakeholders and led to the publication of various white papers corresponding to key discussions. These papers have now been consolidated into a single report titled “Paths…
The Solicitors Regulation Authority seeks views on new resources specifically for in-house lawyers
The Solicitors Regulation Authority (SRA) has developed new resources to support the over 34,500 solicitors working in-house in England and Wales. These materials, created in collaboration with the regulator’s virtual in-house solicitor reference group, address issues identified in the SRA’s 2023 thematic review and feedback from in-house solicitors. When asked for comment, Juliet Oliver, General…
Germany sees another decline in the number of concluded lawyer, legal assistant and notary assistant training contracts
In 2023, the number of newly concluded contracts for legal training or legal and notary assistant positions decreased, according to statistics published by BRAK. These figures, based on feedback from bar associations to the Federal Institute for Vocational Training (BIBB), account for contracts finalised between October 1st of the previous year and September 30th 2023….
The Parliament of New South Wales holds inquiry into the use of AI
The parliament of New South Wales, Australia, is holding a wide ranging inquiry into the use of AI. There is a particular focus on a) the current and future extent, nature and impact of AI in New South Wales b) the social, economic and technical opportunities, risks and challenges presented by AI to the New…
The Law society of Hong Kong publishes an issue paper on the use of AI in the legal sector
The Law Society’s Position Paper underscores the pervasive influence of AI on society and acknowledges that it is presenting both challenges and opportunities. Urgency is emphasised, urging proactive collaboration to address challenges and harness opportunities beneficially. The paper stresses the choice between proactive engagement or passive acceptance of AI’s impact. By issuing this paper, the…