Following the SRA’s thematic review on in-house lawyers, Frank Maher outlines some of the regulations highlighted with real examples, and predicts…
The SRA business plan 2023/24 reflects the SRA’s four strategic priorities:
The SRA’s workstreams for 2023/24 include:
The SRA also sought views on a proposed 12% budget increase, practising certificate fees and the Compensation Fund.
Law Society president Lubna Shuja said: “The SRA propose a significant increase in their budget.
"Given that many firms are facing inflationary pressures, it is vitally important that the SRA is focused on efficiency savings and costs are controlled to avoid unnecessary pressure on the practising certificate fee.”
We’re pleased the SRA will continue work on policy areas that aligns with our priorities, including:
We welcome the focus on the SQE as a priority and would particularly welcome the publication of SQE data.
On the Economic Crime and Corporate Transparency Bill, we continue to be committed to a proportionate and risk-based AML regime and to making the UK a hostile environment for illicit finance.
We will work with the SRA to ensure a risk-based and effective approach to the AML regime and in implementing the new regulatory objective on economic crime.
As technological evolution accelerates, regulators and membership bodies must possess the expertise to examine technological landscapes and use cases effectively.
We would support any research on the development of artificial intelligence (AI) and any risks it could bring to legal practice.
We also welcome the continued focus on EDI work, particularly the research into:
We’re keen to work closely with the SRA to maximise efforts and avoid duplication.
The consultation closed on 21 June 2023.