Law firms switching to CLC regulation after rules change
Solicitors’ firms are seeing the benefit of new rules that make it easier for them to switch to regulation by the Council for Licensed Conveyancers (CLC).
Clutton Cox in Bristol and Nottingham’s Fidler & Pepper Lawyers – have recently moved over from the Solicitors Regulation Authority (SRA), while another three SRA-regulated firms have moved their conveyancing practices into separate CLC-licensed firms.
CLC Chief Executive Sheila Kumar says:
“We are excited to see that firms are taking advantage of the freedom to choose to move to a specialist regulatory regime that supports innovation. This is an important driver for the promotion of competition in the provision of legal services, one of the regulatory objectives in the Legal Services Act 2007.
“The CLC works closely with its regulated community to help them grow and thrive and we welcome these new firms who are committed to long-term success and developing prosperous businesses for the benefit of the consumer.
“Our approach, which delivers proportionate and agile regulation, means we can work with firms as they develop the most appropriate model for them: setting up a new business, switching their current business to CLC regulation or moving parts of their group into CLC regulation while continuing other parts of their business under their current regulator. We take the time to listen to businesses’ needs. We are flexible and work with businesses to help them deliver compliant, sustainable solutions for the long-term.
“As businesses across the legal sector prepare themselves for the new transparency rules we look forward to discussing with firms how CLC regulation can support them in finding new and better ways to meet changing consumer need and grasp the opportunities of new technology.”
Last year the Legal Services Board approved SRA rule changes that removed the requirement for solicitors’ firms to obtain six years of indemnity insurance run-off cover before switching to another regulator.
A firm is now able to switch regulators without having to take out run off cover, provided it is offered appropriate professional indemnity cover (to include legal services provided under its previous regulator).
Kindly shared by Council for Licensed Conveyancers (CLC)