Must - A specific requirement in the SRA Code or legislation. You must comply, unless there are specific exemptions or defences provided for in relevant legislation or the SRA Handbook.
Should - Good practice for most situations. If you deviate from this, you must be able to justify why this is appropriate for your firm
May - A non-exhaustive list of options for meeting your obligations. Which option you choose is determined by the risk profile of the individual practice, client or retainer. You must be able to justify why this was an appropriate option to oversight bodies.
SRA Code - SRA Code of Conduct 2011
OFR - Outcomes-focused regulation
SRA - Solicitors Regulation Authority
IB - Indicative behaviour
MTC - Minimum terms and conditions
SIIR - SRA Indemnity Insurance Rules 2011 (as amended from time to time)
PII - Professional indemnity insurance
ABS - Alternative business structure
LLP - Limited liability partnership
The Law Society also provides a full glossary of other terms used throughout this practice note