Firm based regulation
26 March 2009
From 31 March 2009 , provisions in the Legal Services Act 2007 (the Act) and amendments to the Solicitors Code of Conduct (the code) to implement Legal Disciplinary Partnerships (LDPs) will come into force. This legislation will also implement firm based regulation, requiring all legal practices to be regulated as firms, regardless of size.
Although the actual impact on many individuals may not be immediately noticeable, all managers and employees of a recognised entity should be aware of the amended regulatory framework. This practice note provides an overview of the changes and the requirements imposed upon firms.