Law Society to take forward work on entity regulation
The Law Society of Scotland is to progress its work on the future regulation of solicitors and law firms.
The Society’s Council considered responses from two recent consultations on whether it should consider moving towards entity regulation of the profession and potentially introducing a principles-focused form of regulation. Following the responses gathered, Council members agreed to undertake further work on entity regulation.
The Society will now explore what entity regulation might mean for the profession, any issues it may raise and what charging models should be considered before further discussion and consultation with solicitors and other stakeholders.
Although there was agreement that the time was not right to pursue principle and outcome-focused regulation, the Council agreed that there was an opportunity to consider reviewing the Society’s current rules and guidance to ensure that they remain fit for purpose.
Carole Ford, the non-solicitor convener of the Society’s regulatory committee said: “The effective regulation of Scottish solicitors is one of the most important areas of work for the Law Society. We have to protect and enhance the reputation and professionalism of Scottish solicitors, maintain high standards and take action when those standards are not met to ensure Scottish solicitors remain the trusted advisors of choice.
“Against a backdrop of change within the legal profession and the legal services market, we asked solicitors if the way we have regulated Scottish solicitors for the last 20 years is still the right approach for the next 20 years.
“It’s important that we remain open to new ideas and are willing to learn from the best practice of other regulatory bodies in other jurisdictions. The consultation responses showed that there is some appetite for change to the way we regulate the profession at the moment. We will now explore what entity regulation might look like and bring that to the profession and others for further discussion.”
FOR FURTHER INFORMATION: Please contact Val McEwan on 0131 226 8884 or firstname.lastname@example.org