You are here:
  1. Home
  2. Support services
  3. Advice
  4. Practice notes
  5. Entity-based regulation

Entity-based regulation

2 January 2020
This practice note sets out guidance and information on entity-based regulation. It’s relevant to all law firms and sole practitioners authorised by the Solicitors Regulation Authority (SRA).

Legal status

This practice note is the Law Society’s view of good practice in this area. It is not legal advice.

Practice notes are issued by the Law Society for the use and benefit of its members. They represent the Law Society’s view of good practice in a particular area. They are not intended to be the only standard of good practice that solicitors can follow. You are not required to follow them but doing so will make it easier to account to oversight bodies for your actions.

Practice notes are not legal advice, nor do they necessarily provide a defence to complaints of misconduct or of inadequate professional service. While care has been taken to ensure that they are accurate, up to date and useful, the Law Society will not accept any legal liability in relation to them.

For queries or comments on this practice note contact the Law Society’s Practice Advice Service.

Terminology

Must - A specific requirement in legislation or of a principle, rule, regulation or other mandatory provision in the SRA Standards and Regulations. You must comply, unless there are specific exemptions or defences provided for in relevant legislation or the SRA’s Regulatory Arrangements.

Should - Outside of a regulatory context, good practice for most situations in the Law Society’s view. In the case of the SRA Standards and Regulations, a non-mandatory provision (such as may be set out in notes or guidance).

These may not be the only means of complying with legislative or regulatory requirements and there may be situations where the suggested route is not the best possible route to meet the needs of your client. However, if you do not follow the suggested route, you should be able to justify to oversight bodies why the alternative approach you have taken is appropriate, either for your practice, or in the particular retainer.

May - A non-exhaustive list of options for meeting your obligations or running your practice. Which option you choose is determined by the profile of the individual practice, client or retainer. You may be required to justify why this was an appropriate option to oversight bodies.

There are more terms in the SRA Glossary.

Sign In or Register

This is premium content

To access premium content login to My Law Society.

Not registered? My Law Society is free and open to all users. Register below.

Not registered?

Registration is free and will only take a couple of minutes.

If you are a member of The Law Society you can use your MySRA account details to register.

Register
Update your contact preferences

Update your details in My Law Society and tell us how you want to hear from us.

Practice Advice Service

The Practice Advice Service provides a dedicated support line for Law Society members and employees of law firms. Call us on 020 7320 5675.

> Contact the Practice Advice Service
Previous versions

Previous versions of this page are available below:

Recommended

SRA handbook being replaced
SRA Standards and Regulations - Introduction to new package

The new SRA Standards and Regulations will become effective later this year replacing the existing SRA Handbook. Attend this one-hour live webinar where our speaker will talk you through the new package, clarify the new format and more.

SRA Standards and Regulations - Introduction to new package > More
Professional Development Centre logo
The challenges facing small legal practices – what you need to know

On Friday 27 March 12:30 join us as we discuss the challenges of running a small legal practice and how to remain competitive.

The challenges facing small legal practices – what you need to know > More
Law Management Community
Law Management - Your partner in practice

Our community for partners, leaders and practice managers in legal businesses provides advice, information and the support you need.

Law Management - Your partner in practice > More
keyloock
Risk and Compliance annual 2020

Join this conference to keep up-to-date on hot topics in legal risk and compliance.

Risk and Compliance annual 2020 > More
Conveyancing Quality Scheme Accreditation
Conveyancing Quality Scheme

Awarded to law firms that meet the required standards of technical expertise and client service in conveyancing with its CQS accreditation. Look out for it on Find a Solicitor search results.

Conveyancing Quality Scheme > More