The following Practice Compliance precedent provides comprehensive and up to date legal information covering:
This document sets out our plan for complying with the numerous regulatory requirements that apply to our business and forms part of our overall risk management strategy.
Failure to comply with regulatory requirements or properly manage our regulatory risks can have the following consequences:
clients may not receive the level of service they are entitled to expect, which may result in complaints or negligence claims;
our reputation could be damaged;
the firm or individuals within the firm could be disciplined by the SRA or another regulator, which could lead to fines, disqualification or other sanctions; or
the firm or individuals within the firm could be exposed to criminal prosecution.
We have always taken compliance extremely seriously and will continue to do so.
[Insert firm’s name] is directly regulated by the Solicitors Regulation Authority (SRA), as are our solicitors[, Registered European Lawyers (RELS) and Registered Foreign Lawyers (RFLs) ]. The SRA also has a range of enforcement powers over the firm’s [members OR partners OR directors OR and other staff. [Insert firm’s name] and all staff are therefore required to comply with relevant parts of the SRA Standards and Regulations 2019.
In addition, [Insert firm’s name] and our staff are required to comply with a wide range of other regulatory requirements that apply to most businesses. These could be imposed
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. The key implications for civil appeals are set
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.