SRA publishes risk outlook paper on innovation in a competitive landscape

Article summary

The Solicitors Regulatory Authority (SRA) has published a risk outlook paper on the need for the profession to innovate, so that consumers’ needs may be met in other ways, such as with the unbundling of services, so that the profession may attract and retain a motivated workforce and maintain staff morale, increase efficiency and competitiveness, and set up different business models, improve access to external capital or manage work more flexibly. The SRA has highlighted the present and future of innovation, which includes investment in tech expertise and new ways of working, as well as identified barriers to future innovation, such as trust and risk, scale and resources, the digital divide and vulnerable populations, and internal digital skills within law firms. Lastly, the SRA has highlighted its role in engagement and collaboration, an unbundling pilot and the SRA Innovate initiative and how the SRA has used the Regulators Pioneer Fund to support product development...