Many of the City’s leading law firms are delaying their preparations for fundamental changes to the way firms are regulated, as they wait for amended guidelines from the Solicitors Regulation Authority (SRA).
Only two of the UK’s 10 largest law firms by revenue have confirmed that they have started to make changes in preparation for outcomes-focused regulation (OFR), which will see the SRA’s detailed rulebook replaced with an approach founded on broader principles, rather than prescriptive rules, from October this year.
