typing on laptop

New SRA Standards and Regulations guidance begins to emerge

Ross Prince, Partner, Audit 
typing on laptop
The new SRA Standards and Regulations come into effect from 25 November and the SRA’s promised guidance has started to be published.

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:

  • firm authorisation and practising certificate requirements
  • the Accountant’s report
  • when there is a need to operate a client account
  • keeping accurate client accounting records
  • joint accounts and the associated record keeping requirements
  • the use of third party managed accounts (TPMAs).

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

Our annual Benchmarking provides insight into financial performance in the legal sector as well as the key issues facing law firms.
office people

How can we help?

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.

Contact us today and we can help your firm by:
  • assessing how the changes will impact you
  • providing training and support for your fee earners and finance team
  • providing annual Account Rules reporting compliance and other assurance services.

Contact us

Ross Prince
Ross Prince
Partner, Audit