Our new Standards and Regulations: what they mean for your firm Chris Handford, Director of Regulatory Policy

Across England and Wales we regulate 146,000 practicing solicitors 31,000 solicitors work in-house 10,400 law firms 700 alternative business structures  

Our priorities Scrapping unnecessary rules, making it easier to offer legal services Information on cost of legal services made available to the public Focus on high professional standards Everyone trained to the same high standard Keeping an eye on risks and opportunities, such as AI Appropriate public protection if things go wrong

SRA Standards and Regulations – what’s new? Focus on standards, but without prescription Getting rid of unnecessary bureaucracy Short, user-friendly Greater freedom about where and how solicitors can practise

Principles, codes and authorisation Apply to all solicitors Ten down to seven Honest and integrity separate Apply to all Codes Two codes Split by individual and firm No indicative behaviours + New authorisation rules Split by individual and firm No approval for role holders changing role or firms New character and suitability test

Accounts Rules Focus on what matters Client money – safe and separate 40+ pages to under 10 Murphy’s Financial MONEY.COM Accountants

Practising flexibility Solicitors will be able to offer reserved services to the public as freelancers Solicitors will be able to offer non-reserved legal services to the public in a business that we do not regulate Legal business will not have to be an ABS to employ a solicitor and offer non-reserved legal services

Enforcement strategy Protecting the profession’s reputation Protecting the public Reporting concerns

Benefits and opportunities Easier to use and navigate More flexibility about how you run your business Opportunities to work differently and more flexibly Easier for the public

Preparing for the Standards and Regulations Cultural shift Reporting concerns Digital Badge on website Reviewing systems and processes  Guidance

Innovation: what we are doing

Guidance and support Professional Ethics helpline Guidance & resource Risk Outlook Research & reports Legal sector AML guidance Guidance & resource

Questions