The Solicitor’s Regulation Authority (SRA)
What is the Solicitors Regulation Authority?
The Solicitors Regulation Authority, established in 2007, independently regulates Solicitors’ conduct towards clients, monitoring firms, individual solicitors, and Alternative Business Structures.
The SRA assures accountability for Solicitors neglecting client responsibilities, emphasising outcome-based, risk-focused regulation.
What are they responsible for?
The SRA Handbook. The regulation, updated to Version 20 on October 1, 2018, consists of ten compulsory Principles encompassing ethics and professional standards applicable to all, including non-lawyer owners.
The SRA Code of Conduct. The SRA Handbook outlines the solicitor-client relationship, emphasising ethical conduct, effective firm management, and positive outcomes tailored for your firm and clients, reflecting solicitors’ enduring commitment to trust, ethics, and client welfare.
The SRA Code of Conduct provides guidance to solicitors on how to deal with these obligations by outlining 10 compulsory principles. The overriding principles are acting in the public interest and upholding justice.
The SRA Accounts Rules. Version 20 of the SRA Handbook was introduced on 1st October 2018. The SRA Handbook contains the SRA Accounts Rules, which impact solicitors who operate a client account and provide guidance on the handling of clients’ money.
NB: The SRA made significant cuts to the rules for solicitors’ accounts, stressing the need for experienced legal cashiers and bookkeepers to navigate the updated regulations effectively. More information about the changes can be viewed in our article “From a book to a pamphlet. SRA Accounts Rules 2018 & what is client money?”
What else is the SRA responsible for?
Issuing practicing certificates – A solicitor must hold a current practising certificate, issued annually, to act for clients.
Training and admissions. The SRA conducts CPD training annually for solicitors to stay updated on legal changes and oversees the admissions process for solicitors and advocates.
Guidance on confidentiality, outsourcing functions and compliance matters. The SRA’s ethics department assists with client conflict, outsourcing decisions, compliance advice, and related matters.
- Solicitors Disciplinary Tribunal. The SDT disciplines solicitors for rule violations, which may lead to removal from the roll, fines, or practice suspension. Solicitors often face the SDT due to bookkeeping failures, emphasising the need for seasoned legal cashiers such as The Law Factory LLP with SRA expertise.
Cost recovery and payment of compensation. If a solicitor or firm falls below the required standard, causing a detrimental effect on their clients, the SRA can arrange to recover costs and pay compensation.
Intervention in practices which are suspected of mismanagement, negligence or dishonesty. Clients may complain about case handling, accountants issue reports on account issues, or evidence shows dishonesty.
The Law Factory have helped many practices, enabling them to avoid being shut down, by putting right issues caused by previous bookkeepers. If the SRA are wanting to investigate potential issues within your firm and you would like our assistance get in touch with us.
Visit the SRA Website here.