WELCOME
I was commissioned by the Law Society in October 2008 to advise on what was needed to establish best modern practice in the regulation of solicitors. I am proud to present my final report.
The Terms of Reference are as follows:
'In light of current and forthcoming changes in the Legal Services market, the differing needs of different types of client, current regulatory debates and the need to promote equality and diversity, to consider the appropriate regulatory rules, monitoring and enforcement regime to ensure high standards of integrity and professionalism for solicitors and their firms in all sectors, and to make recommendations.'
The legal sector is undergoing a radical transformation. Alternative Business Structures will have to be assimilated into the legal regulatory system, the ever changing demands of clients will need to be satisfied, and English and Welsh law must maintain the high international reputation which provides so many business benefits for the UK. For these, and many other reasons, it is critically important that the regulatory system is constantly revaluated to ensure it is fit to meet both new challenges, and long standing regulatory needs.
It has been a great pleasure and privilege to lead this review and write this report, on behalf of the Law Society of England and Wales. The legal profession and the SRA now have an unrivalled opportunity to work in partnership, setting the pace for other professions with cutting-edge, principles-based regulation. I hope the ideas I set out in this report will help to form the basis for a new gold standard in professional regulation, based upon robust internal governance, comprehensive regulatory compliance and the highest professional standards.
With best wishes,
Lord Hunt of Wirral MBE