Oops there go my Principles!! by SPONSOR - Brighter Law:

Oops there go my Principles!! by SPONSOR - Brighter Law: Oops – there go my Principles!! new Codes of Conduct and Accounts Rules   by Trevor Hellawell   On 1 June the SRA announced its proposals for a new Code of Conduct, and with it, new arrangements for the Accounts Rules. Their consultation will last for 16 weeks (so plenty of time to comment before the closure date of 21 September).   The Codes have undergone a personality split, in that there are now two Codes – one for individual solicitors, and one for Firms. So, maybe we will know who “you” are under the new regime.   Both are subject to the overriding Principles which are now redu...

SRA Regulatory Reforms by Sponsor PKF Francis Clark

THE SRA ACCOUNTS RULES 2019 ARE ON THE WAY   The SRA has announced that new regulations regarding changes to Accounts Rules and other areas of the code of conduct will officially come into force on 25 November 2019.   Supporting guidance will be released over the coming months covering the Account Rules and the practical application of the SRA Principles.   Now that the official implementation date has been confirmed for later in the year, alongside the announcement that supporting guidance will be released, it will allow time for legal practices to prepare for the changes.   What are the Main Changes? Overall the existing SRA Accounts Rules 2011 co...

Are You Ready to Manage your firm ethically? By Paul Bennett

The SRA has announced that their new SRA Standards and Regulations (STARs) will come into effect on 25 November 2019.  The STARs will replace the 2011 Handbook. Under the STARs the only way will be ethics, but which way is ethics?   How should you prepare to adapt to the changes?   Central to the new regime will be a new emphasis on solicitors and law firms thinking, acting and demonstrating an ethical approach in everything they do. The ethical agenda arises out of the new SRA Principles and then grows through the two Codes of Conduct which will be brought into force.   What will the STARs mean for you and your firm?  Key changes include: 7 Princip...

Clients’ Own Accounts – To Reconcile or not to Reconcile by Sponsor PKF Francis Clark

In this article Jason Mitchell considers one of the most controversial changes within the new SRA Accounts Rules 2019 coming into force on the 25th November 2019 relating to clients’ own bank accounts operated from within the law firm.   So what are the requirements of the new rule 10.1 surrounding client’s own bank accounts?   Under the new rules the definition of client money includes money held or received as a trustee or as the holder of a specified office or appointment, such as donee of a power of attorney, Court of Protection deputy or trustee of an occupational pension scheme.   Rule 10 .1 states the main body of the new accounts rules do no...

Lexcel 6.1 targets developments in Anti Money Laundering by Sponsor Aon

  On 29 June 2018 the Law Society launched version 6.1 of the Lexcel Standard.  This implemented major changes to version 6 made necessary by recent developments in the fields of data protection and money laundering.  To give firms time to get their houses in order, assessments against the new version will start on 1 November 2018.  This article will consider the main changes for legal practices in relation to money laundering.   The changes were necessitated by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (AML) 2017 which repealed the 2007 regulations and implemented the 4th Money Laundering Di...

news from the Devon & Somerset Junior Lawyers' Division: December 2018 Update

  As 2018 drew to a close, a new year for the Junior Lawyers' Division got off to a festive start following November's AGM and elections.   November saw the election of the new JLD committee; made up of 15 representatives from 7 different law firms based across Devon & Somerset.  The elections were held during the JLD AGM, hosted this year at The Monkey Suit in Exeter, which was a well-attended and enjoyable evening.  Whilst a small number of committee members return from last year's committee, it is promising to see a high number of new committee members.  You can find out more information on this year's committee on the DASLS website.   At the...