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From garage to unicorn – Employment law lessons for scaling tech teams
Catherine Bourne
On 24 October 2019, the Financial Reporting Council (‘FRC’) published the UK Stewardship Code 2020 (the ‘Code’) which takes effect for reporting years beginning on or after 1 January 2020.
It’s not the SRA that protects the public from rogue solicitors and law firms. It is the ethical choices underpinning the millions of decisions made by lawyers every day when no one is looking. Ethics is personal and while the SRA can set standards, guide conduct and provide the right framework and enforce robustly, it cannot watch over everyone all the time. Nor should it.
The new scheme heralds a sharper focus by the SRA on declaring and upholding proper standards in the private lives of those within its regulatory reach.
In November 2015, the Solicitors Regulation Authority (SRA) published its position paper “Looking to the Future”, through which it committed to a phased review of the SRA Handbook and its overall approach to regulation. It was also at this stage that a new regulatory model, with two distinct strands, was first proposed. This model sought, on the one hand, to regulate individuals through education and entry standards, on-going competence and ethical behaviours. On the other hand, it sought to regulate firms, with emphasis being on their systems and controls.
Are we nearly there yet?
As most in the legal profession are now aware, the Solicitors Regulation Authority (SRA) will be launching its new set of Standards and Regulations (known now by many as the “StaRs”) on 25 November 2019. The StaRs could herald a new era in legal regulation in which there will be a distinct shift in focus, both in terms of what the SRA considers to be its priorities as a regulator (of both individuals and firms), and in what the SRA expects of those it regulates.
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