Regulatory change is on the horizon
The regulatory environment is about to change, and accountants advising solicitors or working in legal practices will need to make sure that they keep a close eye on the websites of the Legal Services Board (LSB) and the Solicitors Regulation Authority (SRA).
Many of the changes have been well signposted over the last 18 months, through press articles and consultation documents issued by the SRA. However, as the date for the licensing of the first Alternative Business Structures (ABS) towards the end of 2011 is fast approaching, the pace of change and consultation is increasing.
There are three main areas of change and development: