SRA business plan 2021/22 – Law Society response
We've responded to the Solicitors Regulation Authority's consultation on its 2021/22 business plan and budget.
We’ve produced a report with the Tech London Advocates' (TLA) Blockchain Legal and Regulatory Group, which sets out key issues for legal practitioners to be aware of when advising on distributed ledger technologies (DLT).
TLA's dedicated blockchain working group was founded in 2018 and serves as a hub for multi-disciplinary DLT experts.
The group's objectives are to:
It’s clear that lawyers are starting to become familiar with DLT and other emerging technologies like smart legal contracts and cryptoassets.
The pandemic has incentivised firms of all types and sizes to embrace new technologies. As the economy recovers, we’ll see a further increase in lawtech adoption rates across the profession.
The report includes a list of key recommendations on the many aspects relating to DLT, including:
The report will provide a clear framework and much needed guidance on the use of blockchain in the legal services sector.