Two Proposals Firms Need to Watch On 28 October 2026, Chancellor of the Exchequer John Healey will deliver the Autumn budget, and with that date fast approaching, two proposals affecting law firms’ finances are in circulation, and both could have a material impact on how firms manage their income. The…
What Has Happened Since Our Last Article When we published our practical guidance on the COLP and COFA changes in early September, the Legal Services Board (LSB) had just approved the new COLP and COFA changes and the SRA was preparing for phased implementation from January 2027. More recently, opposition…
SRA Proposals for Annual Accountants’ Reports and COLP/COFA Changes In an announcement published on 2nd June, the Solicitors Regulation Authority (SRA) confirmed its intention to impose several reforms aimed at strengthening the protection of client money, reducing consumer harm, and improving oversight within firms. The announcement, published on the SRA…
Our article on the Solicitors Regulation Authority (SRA) decision to fine Kennedys Law LLP £18,000 plus costs for failing to prevent its staff from allowing its client account to be used as a banking facility is a useful reminder that Accounts Rules breaches are not just a small firm problem. The…
Law Firm Fined £18k for Allowing Its Client Account to Be Used as a Banking Facility The Solicitors Regulation Authority (SRA) recently published its decision to fine Kennedys Law LLP £18,000 plus costs for failing to prevent its staff from allowing its client account to be used as a banking…