The Law Society and the Solicitors Regulation Authority (SRA) have announced that there are new arrangements in place for the governance of their ongoing relationship.
Law Society President, John Wotton says:
"It’s vital for the profession and the public that the Law Society and the Solicitors Regulation Authority (SRA) cooperate to work effectively and efficiently while retaining the SRA’s operational independence. These new arrangements streamline arrangements for the Law Society’s oversight of the SRA and provide a sound basis for the future working relationship."
Whilst the SRA Chair, Charles Plant, commented:
"I am pleased that the SRA and the Law Society, working together, have been able to resolve some longstanding issues arising from the implementation of the Legal Services Act 2007, and have agreed to put in place arrangements which will reinforce the SRA’s operational independence, ensure the effective management of support services shared by the Law Society and SRA, and promote good working relationships between the representative body and the regulator."
The key points of the agreement are:
– A permanent resolution of how the relationship between the SRA and the Law Society should be managed.
– The creation of a new Business and Oversight Board, with equal representation from the Law Society, the SRA and independent members who will be responsible for:
1. Advising the Council on the oversight of the SRA;
2. Delivery of shared services functions to the SRA and the Law Society;
3. A Managing Director be appointed for shared services functions who will report directly to the new Board.
The new arrangements will not change the SRA Board’s functions.
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