Must - A specific requirement in legislation or of a principle, rule,
outcome or other mandatory provision in the SRA Handbook. You must
comply, unless there are specific exemptions or defences provided for in
relevant legislation or the SRA Handbook.
Should - Outside of a regulatory context, good practice for most situations in the Law Society's view. In the case of the SRA Handbook, an indicative behaviour or other
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.
SRA Code - SRA Code of Conduct
OFR - Outcomes-focused regulation
SRA - Solicitors Regulation Authority
IB - Indicative behaviour
ARP - Assigned risks pool
MTC - Minimum terms and conditions
EIP – Extended indemnity period
CP – Cessation period
Qualifying insurance - Professional indemnity insurance that is taken out with a participating insurer, and which meets the Minimum Terms and Conditions
set out in Appendix 1 of the SRA Indemnity Insurance Rules as amended (the Rules)
Participating insurer - An insurer regulated by the Financial Conduct Authority (FCA) that has entered into a Participating Insurer's Agreement with the Solicitors
Regulation Authority (SRA) as the independent regulatory body of the Law Society. A list of all participating insurers is available on the SRA website.
Solicitor / you - Includes all bodies (recognised and authorised) regulated by the SRA. For the purpose of this practice note, the term 'solicitor' includes
Registered European Lawyers, Registered Foreign Lawyers as well as recognised and authorised bodies, their managers and owners.
The Law Society also provides a full glossary of other terms used throughout this practice note