The New SRA Rules – What They Mean from a Practical Standpoint

The New SRA Rules – What They Mean from a Practical Standpoint

The SRA is introducing new standards, that are scheduled to take effect on 25 November 2019, to allow solicitors greater flexibility in how they work and simplify accounting rules. These changes continue in the vein of a less prescriptive approach to regulation by the SRA, while making it easier for the public to gain access to justice and ultimately still safeguarding the interests of consumers.

From a practical standpoint though, firms need to think about how they can adhere to the seven principles set out by the SRA. Things like honesty, integrity, upholding public trust and so on are, after all, difficult areas to evidence – especially as they are so open to interpretation.

 

 

The risk to solicitors and law firms of course is that this kind of ‘open to interpretation’ regulation can be a double-edged sword – with no right and wrong, lawyers and firms need to think for themselves in terms of how they must act in order to comply in the best interest of the client. 

These new rules, which essentially are a framework, will bring about a fair amount of change, and potentially, the best way to ensure compliance is to reduce the seven princi

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About the author:

Simon has worked in the legal sector for more than twenty years, as a practicing Lawyer and a Technology Specialist he has led teams that have driven innovation and heightened client experience. Now leading the Go-To-Market (GTM) function at LexisNexis Enterprise Solutions, Simon has overall responsibility for the Sales, Business Development, Marketing, Sales Operations & Client Engagement Teams. Simon is responsible for ensuring that we develop and enhance our customers experience and grow our presence within our chosen markets, helping our valued clients gain greater value from their investment with us.