This consultation will be the last opportunity for you to put forward your comments on the SRA’s new Handbook which will underpin the regulation of solicitors and law firms from October 2011. It builds on the foundations laid in "The Architecture of Change: the new SRA Handbook" (the May Consultation). The May Consultation initiated the implementation process for outcomes focused regulation (OFR). This paper takes that process a step further by providing more detail on the regulatory framework for both traditional law firms and alternative business structures (ABSs) – the new kinds of law firms which will come into the legal services market.
The SRA say:
“We are confident that the contents of this Handbook, coupled with our modern outcomes-focused, risk-based approach to authorisation, supervision and effective enforcement will:
– benefit the public interest,
– support the rule of law,
– improve access to justice,
– benefit consumers’ interests
– promote competition,
– encourage an independent, strong, diverse and effective legal profession,
– increase understanding of legal rights and duties, and
– promote adherence to the professional principles set out in the LSA.
These regulatory objectives can only be achieved if we and our regulated community work together in a spirit of mutual trust for the benefit of clients and ultimate public interest.”
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