Wednesday, June 2, 2010

Continuing Evolution of UK Risk, Compliance and Regulatory Rules

  • New SRA Code of Conduct Published: Moving to a framwork that is "outcomes based," the SRA has published a draft code of conduct, now available on its web site. Firms are encouraged to review the proposal and submit feedback prior to August 20, 2010. Legal Futures provides an excellent summary of proposed changes and their potential impact.
  • Alternative Business Structures: Scotland Law Society votes to allow non-lawyers to hold minority ownership positions in law firms (up to 49%). Interestingly, on of the arguments for the change was enabling Scottish firms to remain competitive in terms of fundraising with organisations in jurisdictions moving to allow external ownership. For more details, see a summary in The Guardian.
Also see other recent UK risk and insurance updates.

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