Monday, 21 July 2008

Calling all small firms of solicitors

In the face of the stream of weekly release of information in the Law Society’s Gazette, such as this news story that some Professional Indemnity Insurers are abandoning the legal market and refusing to insure small practices, and this one about how the SRA will be requiring a lot of information from firms which small practices are going to find difficult to supply I am getting increasingly concerned that the Regulatory climate around the corner is going to make it difficult for small law practices to focus on their work. I know a number of sole practitioners who work from home, do not hold a client account, and service a few long standing clients, and rarely take on new ones. These feel unconcerned about Money Laundering and all the rest of the obligations piled on Solicitors’ practices. Even news about the heavy handedness of the SRA when inspecting law firms does not move them. If ours is a group comprised predominantly of such practices then it is unlikely that the group will share my concerns. However, for those who would like to find a better way of practising without the stress and anxiety they currently face, I would like to convene a meeting to consider possible solutions. If you are interested in attending please email me here

2 comments:

Filemot said...

We'd all come if we thought there was some better way. The Legal Services Act is spreading the cold hand of regulation to all lawyers now and whatever is presribed to protect the consumer will always be a burden. Just look at the new codes the ITMA/CIPA regulator is suggesting.

We have moved beyond the world where those in the professions were "gentleman" that you could trust. Consumers now have to have regulators to protect their interests.

The only way out is not to be a lawyer and thats where you will find most trademark practices soon.

Shireen Smith, Azrights said...

There are lots of solutions to enable people to practice as lawyers while reducing the burdens of regulatory compliance. Certainly some adjustments are needed, but I don't share your bleak view that the only way out is to cease to practise as a law firm. It's a case of knowing the regulations really well, and managing them.