On July 1, 2024, the Board of the Solicitors Regulation Authority (SRA) approved a potential extension of its regulatory remit to cover Chartered Institute of Legal Executives (CILEX) members. CILEX is one of the approved regulators designated in the Legal Services Act 2007. The SRA Board’s decision follows a 2022 expression of interest from CILEX,…
SRA Consults on updates to financial penalty regime
On 28 June, the Solicitors Regulation Authority (SRA) published a 12-week consultation on proposed updates to its financial penalty regime in response to the new powers granted under the Economic Crime and Corporate Transparency Act 2023. These updates aim to ensure the SRA’s fining approach remains robust, fair, and transparent, especially in light of its…
Law Society of Scotland offers innovative AML training film to its members
The Law Society of Scotland is giving its members access to an innovative anti-money laundering (AML) film-based training tool produced by the Institute of Chartered Accountants in England and Wales (ICAEW) and HM Revenue & Customs (HMRC). The tool is designed to enhance solicitors’ awareness of economic crimes, particularly money laundering. The film dramatises examples…
IBA study suggests global economic impact of the legal profession at $1.6 trillion
The International Bar Association (IBA) has recently published work that it commissioned from the professional services consultancy McKinsey, which seeks to quantify the social and economic value of the legal profession. This is quantified at $1.6 trillion, or 1.7% of global GDP. The calculation was arrived at by taking into account both direct economic contributions…
Potential causes of differential outcomes by ethnicity in legal professional assessments
The University of Exeter has published the results of a study commissioned by the Solicitors Regulation Authority of England and Wales, which seeks to explore the reasons behind varying legal qualification outcomes among students of different ethnicities. The research revealed that these differences are likely to stem from a complex interaction of factors including social,…
UK Ministry of Justice reportedly explores interest on client account to support free legal advice
The UK Ministry of Justice (MoJ) is reportedly exploring the potential for requiring interest earned on pooled client accounts to fund legal services for those who cannot afford them. It has commissioned research from independent consultants into the practices of law firms in England and Wales in relation to the handling of interest on client…
Solicitors Regulation Authority updates warning notice Strategic Lawsuits against Public Participation (SLAPPs)
The Solicitors Regulation Authority of England and Wales published an updated warning notice for solicitors about Strategic Lawsuits Against Public Participation (SLAPPs) at the end of May, following the entry into law of the Economic Crime and Corporate Transparency Act 2023 and drawing on its own casework. SLAPPs are identified as a misuse of the…
Legal Services Regulatory Authority (LSRA) of Ireland proposals to increase transparency in conveyancing services
The Legal Services Regulatory Authority (LSRA) of Ireland has published a report proposing significant reforms to enhance competition, efficiency, and transparency in conveyancing services. The reforms focus on three main areas: digitalising the conveyancing system, introducing enhanced transparency requirements for solicitors regarding costs, and increasing consumer awareness to facilitate informed decision-making. The LSRA advocates for…
Making sense of professional enablers’ involvement in laundering organized crime proceeds and of their regulation
Money laundering has ascended the enforcement and criminological agenda in the course of this century, and has been accompanied by an increased focus on legal professionals as ‘enablers’ of crime. This article explores the dynamics of this enforcement, media and political agenda, and how the legal profession has responded in the UK and elsewhere, within…
Making sense of professional enablers’ involvement in laundering organized crime proceeds and of their regulation
Money laundering has ascended the enforcement and criminological agenda in the course of this century, and has been accompanied by an increased focus on legal professionals as ‘enablers’ of crime. This article explores the dynamics of this enforcement, media and political agenda, and how the legal profession has responded in the UK and elsewhere, within…