UK's Senior Managers And Certification Regime - All Change On 9 December?
Iain said there were risks for law firms where freelance solicitors were on the other side of transactions and both could be sued if something went wrong. He further goes on to say there was also a risk that freelance solicitors might not have any insurance at all.
Some highlights of Iain's comments:
“This is all new, and we don’t know how it will pan out, but firms will have to think about the circumstances in which they deal with freelance solicitors.
“It will be difficult for a law firm to say it will not deal with individuals who are covered by the SRA’s regulatory framework.”
“It’s about knowing that they’re different, knowing that they’re regulated in a different way and responding to that appropriately.”
“Because we’ve not had freelance solicitors before, we don’t know how the market will develop or what sorts of individuals will decide this is the best way to practise.
“We have to separate the novelty of freelance solicitors from the risk. We all get concerned about things we have not encountered before, how they might play out and what the implications might be.
“The SRA has put restrictions on freelance solicitors, meaning that they are unlikely to become a huge part of the profession.”
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