The Legal Services Board’s (LSB) primary objective should be to maintain stability and confidence in the justice system, the Law Society of England and Wales said today in its response to the oversight regulator’s strategic and business plan.
"The LSB has a pivotal role to play in keeping the UK legal services market stable: holding frontline regulators to account, maintaining the calibre of regulation that distinguishes UK legal services and demanding sound evidence for any proposed changes," said Law Society president Joe Egan.
"This becomes even more important as the UK navigates one of the biggest constitutional upheavals in living memory. Market and technological developments, changes in consumer expectations and behaviour, legal aid cuts, changes to anti-money laundering rules and the introduction of the General Data Protection Regulation – to name but a few – combine to create a complex, fast-moving legal environment.
"English and Welsh law is one of our greatest exports and it underpins the domestic economy. It is crucial that we maintain confidence in the legal market to provide the firmest possible foundation for Brexit negotiations."
Legal services are today a real success story for the UK. They make a significant contribution to the economy, amounting to £25.7bn in 2015, create employment for at least 370,000 people and add £3.6bn to our balance of payments.
Joe Egan concluded: “Given the pace of change, the LSB should ensure any further regulatory change is only introduced on the basis of robust impact assessments and rigorous analysis, to ensure that consumers can access justice and are protected when they do.”
Notes to editors
Law Society response to the Legal Service Board's strategy consultation in full
About the Law Society
The Law Society of England and Wales is the independent professional body that works globally to support and represent solicitors, promoting the highest professional standards, the public interest and the rule of law.
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