Dear Member
The Law Society has commissioned an independent review of the regulatory regime for law firms to be conducted by Lord Hunt. Part of this includes an independent review of whether the present arrangements for regulating law firms serving corporate clients are satisfactory. This part of the review is being conducted by Nick Smedley.
The aims of Nick’s review (The Review of the Regulation of Corporate Legal Work) are to consider whether the current arrangements for the regulation of corporate legal work are fit for purpose and to make recommendations.
Nick will report on his findings and recommendations to The Law Society and Lord Hunt by early March. Nick is keen to gather as many views as possible from the profession, and we have been participating in this review. In particular, views are being sought on the following issues:
• the characteristics that differentiate corporate work and corporate firms from other legal practices
• the risks associated with corporate work and the effectiveness of the current regulations to mitigate those risks
• the skills and expertise necessary effectively to regulate corporate work.
I encourage you to respond to Nick's call for comments and as a guide, you should consider the following questions:
1. What is the public interest that the regulation of corporate law firms is designed to protect?
2. In your experience, does the current regulatory regime focus on the risks most likely to arise from the work of these firms?
3. Are there any particular rules which cause difficulties?
4. Are there any aspects of the way the current regulations are drafted, interpreted or enforced that create problems?
5. Are there any examples from overseas, or other professional services that could be used as a model for regulating corporate legal work?
6. What skills, knowledge and experience does the regulator of corporate legal work require?
7. Is there a case for differentiated regulation, distinguishing between corporate law firms and others?
8. If there were to be a differentiated approach, how would that work? What would determine how different law firms should be regulated differently?
9. Are there any other issues that the Review should consider?
If you have any comments on some or all of these questions, or any other thoughts about the review, please send your response by email to corporatelegalworkreview@lawsociety.org.uk or in writing to:
The Review of the Regulation of Corporate Legal Work
c/o The Law Society
113 Chancery Lane
London, WC2A 1PL
All responses will be acknowledged at the time of receipt and noted in the final report. In the alternative, feel free to write to me at: Sapna.B.FitzGerald@lslps.co.uk.
Kind regards
Sapna B FitzGerald
C&I Chair