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

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

3. 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

4. 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

5. 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

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

7. 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

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

9. 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

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

11. Innovation: what we are doing

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

13. Questions