26 March 2010 - LSB approves BSB application on LDPs

Schedule 4 of the Legal Services Act provides that Approved Regulators must obtain approval from the LSB to alter any of their Regulatory Arrangements. This is the first application which the Legal Services Board has considered since taking on this role in January 2010.

These changes will, subject to safeguards contained within the code and guidance, lift existing restrictions to allow:

1. Barristers to become managers of Legal Disciplinary Practices (“LDPs”) regulated by the Solicitors Regulation Authority or bodies regulated by other ARs without having to re-qualify as solicitors or another type of authorised person.

2. Barristers to be shareholders in LDPs whether or not they are employees or managers of the LDP in question.

3. Barristers to be permitted to practice in more than one capacity at the same time - in other words part-time as a self-employed barrister within chambers and part-time as a barrister in an employed or managerial capacity.

More information on this and other applications can be found by clicking here.