FOR IMMEDIATE RELEASE
Wednesday, 23 September 2015
LSB continues its push to reduce regulatory burdens on in-house lawyers
The Legal Services Board (LSB) opens an eight week consultation on a set of principles today, which if adopted will inform decisions it makes about the regulatory arrangements for in-house lawyers.
The principles are outlined in a draft statement of policy and have been identified by the LSB as being particularly relevant to the regulation of in-house lawyers.
Legal Services Board Chief Executive, Richard Moriarty said:
"The draft policy statement is, based on feedback we have received to date, and is aimed at reducing unnecessary regulatory restrictions on in-house lawyers.
All the legal regulators should take a hard look at their rule books to make sure that any restrictions on in-house lawyers can be clearly justified and do not unnecessarily impede their ability to improve their services, innovate, or grow their business.
This consultation represents an opportunity for anyone with an interest in this area to help shape the final policy statement and so we would welcome any feedback on the draft contained within the consultation."
ENDS
For further information, please contact the LSB’s Communications Manager, Vincent McGovern (020 7271 0068).
Notes for editors:
- The draft statement of policy and further information on this consultation can be found here.
- The closing date for this consultation is 5pm Wednesday 18 November.
- The Legal Services Act 2007 created the Legal Services Board (LSB) as a new regulator with responsibility for overseeing the regulation of legal services in England and Wales. The new regulatory regime became active on 1 January 2010.
- The LSB oversees nine approved regulators, which in turn regulate individual legal practitioners. The approved regulators, designated under Part 1 of Schedule 4 of the 2007 Act, are the Law Society, the Bar Council, the Master of the Faculties, the Chartered Institute of Legal Executives, the Council for Licensed Conveyancers, the Chartered Institute of Patent Attorneys, the Institute of Trade Mark Attorneys, the Association of Costs Lawyers and the Institute of Chartered Accountants in England and Wales.
In addition, the Institute of Chartered Accountants of Scotland and the Association of Chartered Certified Accountants are listed as approved regulators in relation only to reserved probate activities. - As at 1 April 2015, the legal profession comprised 142,109 solicitors, 326 alternative business structures, 15,237 barristers, 7,848 chartered legal executives and 5,678 other individuals operating in other areas of the legal profession such as conveyancing. The sector is valued at £25.49 billion per annum (total turnover in 2010).