The long-awaited overhaul to the regulatory regime for solicitors and UK law firms will come into effect on 25 November 2019. Firms (and compliance officers in particular) need to be aware of what the changes will mean for their practice.
The new rules, known as the Standards and Regulations (“STARs”) cut down the current rulebook from roughly 300 pages to around 130 pages. However, the slimmer handbook does not represent a relaxation of the SRA’s approach to compliance. In a number of areas, the obligations have been made more onerous, rather than relaxed.
We highlight below seven of the key changes firms should be aware of:
Fox Williams has extensive experience advising law firms on the Standards and Regulations. Please speak with Daniel Sutherland or your usual Fox Williams contact.