The regulatory threat posed to law firms across the world by the Sarbanes-Oxley Act has prompted its fair share of speeches from senior lawyers and commentators about the sanctity of self-regulation. Down this road lies tyranny, they argue.

But retreating behind the protective cloak of self-regulation in a bid to fend off the Act has its own dangers. This is because self-regulation too often favours the self-interest of those who are regulating themselves ahead of the public interest.