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 as limited liability entities, necessitating new regulations for professional indemnity insurance.
The LSRA seeks written submissions from professional bodies, including non-member barristers, on three draft regulations and a separate Code of Practice for Practising Barristers.
The consultation aims to gather feedback on the proposed regulations and the Code of Practice, intended to enhance service standards. This initiative builds on previous consultations and represents a significant step towards introducing legal partnerships as a new business model in 2024.