The Clementi Report – and the subsequent Government response to it- has now been unveiled and we can envisage the impact this will have on the legal profession in the medium term.
Change will not be immediate. A White Paper will be published by the Government later this year. At best, primary legislation will be passed in 2006 with the detailed implementing regulations coming into effect in 2007. Accordingly, the profession has ample time to adapt to the new environment. However, these changes are likely to come into force at a time of profound change in the legal profession. The magic circle has placed clear blue water between itself and the rest of the UK market. This gap will open further as corporate transactions increase in 2005 and 2006.
