The Law Society has slashed the number of firms that its standards unit will check amid fresh claims that Chancery Lane is failing to fulfil its regulatory brief.
Legal Week has learned that the Law Society has cut the number of law firms that its revamped Practice Standards Unit (PSU) will conduct spot checks on this year from 1,100 to 300. An earlier pledge to assess 2,000 firms in 2004 has likewise been cut back to 1,300.
The society announced the relaunch of the PSU last October, when it said it would boost its staff from eight to 50. The move was backed in part by £21m of additional investment over three years, funded by an £85 hike in the cost of the practising certificate.
