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The regulation of corporate law in England and Wales needs an overhaul in order to restore public confidence in the sector, according to a College of Law study published today (23 February).

The paper, produced by the College of Law’s legal services policy institute, argues that the diversity of the legal sector means that a single regulatory framework is not adequate to handle the wide range of business models – from boutique practices to multimillion-pound international firms – within the legal profession.

The paper claims that the 2007 Legal Services Act (LSA) provides an opportunity to develop a more flexible regulatory framework, and explores three main options that are open for discussion:

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