denotes premium content | Feb 9 2012 News
posted 17 Apr 2007
Take heed of new Code, says SRA
Law firms must pay particular attention to the rules on business management in the new Solicitors’ Code of Conduct, Solicitors Regulation Authority chief executive Antony Townsend has warned.
In his keynote address at a recent conference on risk, Townsend outlined the major changes that will be brought in by the new code, which comes into force on 1 July 2007.
Townsend emphasised law firms’ new responsibilities, and made particular reference to the business-management section of the code, which places high-level responsibilities on principals to make solid arrangements for effective management of their firms.
The code highlights areas such as risk management and business continuity, and warns that firms must make arrangements for ‘the continuation of the practice of the firm in the event of absences and emergencies, with the minimum interruption to clients’ business’, and the management of risk.
The new code, which replaces the Guide to the Professional Conduct of Solicitors, was overhauled to simplify the structure – with mandatory rule followed by non-mandatory guidance. It also aims to raise standards of service to clients and identify and maintain essential client protections.
