clc set to become regulator of choice?

Posted by | Filed under ABSs, clc, firm, innovation, risk management, sra | Aug 4, 2010 | Tags: , , , | No Comments

The Council for Licensed Conveyancers have just issued a consultation on their proposed draft code of conduct.  See http://bit.ly/bSBqWX.

We all know that the CLC regulate conveyancing and probate work.  However, their application to add advocacy and litigation services to this remit expands their presence into the majority of “reserved activities”, effectively putting them on the same playing field as the SRA.

The CLC’s proposed code is just ten page long.  For those of you who have looked, you’ll know that the SRA’s version is significantly longer.  It has to be said that the CLC may well be stealing the lead here.  In an increasingly competitive and commoditised market place, regulation which delivers the path of least resistance and the most flexible approach to the delivery of legal services is likely to be the more attractive to any new ABS entrant.

But existing businesses should also consider reviewing whether a change of regulator might be a sensible strategic decision for the future of their practice.  Its a good idea to be carrying out a scoping exercise today to discover:

1.  Are you carrying out reserved activities as defined under the LSA – http://bit.ly/ajj6Fx.  The core competencies of many firms actually fall outside this definition.

2.  If you are, who is the most effective regulator for your practice, from a risk management, business development, operational and a cost perspective.

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