Industry News Archives - The Strategic Partner

SRA Fines National Firm Over £100,000 For AML Compliance Failures

1. Introduction: National Law Firm Fined for Failing to Comply with AML Regulations A large national law firm has been fined over £100,000 plus £1,350 in investigation costs by the Solicitors Regulation Authority for failing to comply with anti-money laundering [...]

Social Media Use: A Warning from A Recent Case

1. Introduction In an overview of an ongoing tribunal published recently by The Law Gazette, a solicitor accused of posting “inappropriate and offensive” tweets, some of which are claimed to be antisemitic, is facing a Solicitors Disciplinary Tribunal. Following a [...]

Shaping the Legal Landscape: Past Year Witnesses a 23% Leap in Law Firm Mergers

1. Introduction Research published by accountancy firm Hazelwoods indicates that the UK has seen a 23% increase in law firm mergers in the past year, rising from 99 in 2021 to 122 in 2022. The resurgence in mergers follows a period of [...]

Lessons from a Recent SRA Decision: Solicitor Personally Fined £12,000 Plus Costs

1. Introduction With the regulator’s new fining powers and an updated approach to issuing financial penalties for proven misconduct, a recently published decision by the Solicitors Regulation Authority (SRA) is a stark reminder of the importance of stringent adherence to [...]

CILEX Moves Forward with SRA Regulation Transition Despite Member Concerns

1. Introduction The Chartered Institute of Legal Executives (CILEX) has announced its intention to proceed with transferring the regulation of its members to the Solicitors Regulation Authority (SRA), despite a significant number of members expressing their reluctance to make the [...]

Insights From the SRA 2021/2022 Corporate Report: Upholding Professional Standards

1. Introduction The Solicitors Regulation Authority (SRA) is the largest regulator of legal services in England and Wales, covering around 90% of the regulated market. They oversee more than 220,000 solicitors and around 9,500 law firms. Recently, the SRA published [...]

SRA Uses New Fining Capacity to Issue Solicitor With £18,750 Fine

According to a public notice issued by the Solicitors Regulation Authority (SRA), and as highlighted in The Law Gazette recently – 9th June 2023 - a solicitor has been penalised with an £18,750 fine for permitting a client account shortage [...]

"The Economic Crime Bill" with a tall building

The Economic Crime Bill – Ensure You Are Meeting Requirements

1. Introduction The Economic Crime Bill, currently going through Parliament, will likely increase regulatory expectations and greater scrutiny, with the Solicitors Regulation Authority confirming ‘there will be no let-up in the requirements made of law firms to prevent money laundering’. [...]

Firms urged to take notice of upcoming changes to anti-money laundering regulations

1. Introduction In line with the 2022 Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations, firms must ensure they are aware of upcoming changes that will impose further compliance requirements on those businesses subject to the MLRs from 1 April [...]

"Accounts filing options are changing for small and micro companies" with a pile of documents

Accounts filing options are changing for small and micro companies – What you need to know

1. Introduction Recent announcements from Companies House have detailed various changes firms should be mindful of, including those that will affect small or micro companies. One of the most significant changes coming into force is the change to the level [...]

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