Welcome to the latest issue of SRA Update. Happy New Year to you all, I hope you had a fantastic festive period and took the opportunity to recharge. There is still the opportunity for you to have your say in our ongoing consultations looking at how firms handle client money and how we best protect clients. Another key focus for us is making sure the market for high-volume claims is working in the public’s best interest. We have published information for consumers to help them make informed decisions in this area, particularly before entering into ‘no-win, no-fee’ arrangements. Please take a look at this, and our recent warning notice on what firms should – and shouldn’t – be doing when marketing its services.
Do law firms need to continue directly handling client money in a digital age? Do rules around how firms handle residual balances, or what they do with interest earned from client accounts need changing to make them fairer to clients? These are just some of the issues covered in the first part of our consultation on client money, make sure you have your say….
Read more about: How should client money be held in the future?
Where law firms hold client money in the future, what type and level of checks and balances are most appropriate to help make sure this money is safe? Do requirements around accountants’ reports, for example, need reviewing? Have your say on such issues raised in part two of our client money consultation.
Read more about: Are changes needed to help better protect client money?
We have commissioned the research agency IFF to conduct the first independent evaluation of the SQE. In January and February, they will conduct a survey with candidates, employers, and training providers on their experiences with the SQE. During this time, you may be contacted by IFF to complete the survey. It should take 15 minutes and all responses are confidential.
Read more about: Evaluating the SQE – we’ll be in touch
You will remember we put out a warning notice last month for those doing claims work on a ‘no win, no fee’ basis, specifically around promoting your services. We have also produced information for potential clients so that they know how you should be working to remain compliant with the rules. You might find this guide useful as you market your firm.
Read more about: Information for potential clients in no win, no fee claims work
We have published new research to better understand law firms and solicitors’ concerns around potential market-level risks. It also considers how they identify and tackle risks, as well as how they use SRA resources.
Read more about: How law firms manage risk
Probate and estate administration generated the third highest volume of reports to us, and complaints to the Legal Ombudsman in 2023. Our latest thematic review looks at the risks and challenges in this area and how firms and solicitors are addressing them.
Read more about: Probate and estate administration
Our thematic review of professional obligations looked at how solicitors more generally maintain their knowledge and skills in legal, regulatory and ethical areas. This report sets out our findings and some of the good practices we saw. We also highlight areas where we think there is scope for improvement.
Read more about: Review of professional obligations
Help us to find out more about how smaller firms, including sole practices, use technology and innovation to improve the services you offer, and what opportunities there may be to do so in the future. If you manage a small firm, take our short survey by 17 January to let us know your thoughts.
Read more about: How do small firms use technology and innovation?
Are you worried about your health affecting your work? Life as a solicitor can be challenging and the demands and pressures can easily build up. We can signpost you to sources of help and make adjustments for you if you are in difficulty.
Read more about: Your health, your career
