The SRA’s website collates a series of guidance notes to assist firms in meeting their obligations under the new regime. Whilst much of the guidance existed previously, there are around 10 new or updated notes which cover areas such as:
There is some useful new material in these updated notes. For start-up firms, or those thinking about new structures and ways of delivering legal services, the authorisation guidance provides some useful guidance and checklists. The TPMA guidance also expands upon the criteria and communications needed when offering a TPMA to a client to facilitate a transaction.
However, most users may find the new guidance notes are unlikely to trigger a fundamental change in approach but do serve as a useful reminder of some key requirements. Ultimately, they provide an insight into the regulator’s view of what is currently important as the new regulatory framework comes into force later this year.
The SRA has stated that it will monitor whether guidance on other areas is needed and so we expect to see a more dynamic approach to emerging issues. Further material seems likely in the foreseeable future.
Law Firm Benchmarking
The changes to the SRA Standards and Regulations provides an opportunity for you to reassess your current approach, while making sure that you remain compliant with the new rules.