Solicitors may pay for Axiom Ince fallout
The Gazette’s coverage of the SRA stating solicitors may have to pay for the fallout of Ince includes a response from the Law Society of England and Wales.
A Law Society spokesperson said: “Regardless of which way the SRA decides to fund the fallout of Axiom Ince, an appropriate regulatory response is required based on evidence which looks to ensure any additional costs and compliance burdens are proportionate and any reforms address the risks identified from the Axiom Ince debacle.”
John Hyde of the Gazette also looks in-depth at the Axiom Ince issue, the SRA’s role and the potential financial burden facing solicitors, who may be asked to plug the black hole left the firm’s collapse, while the Compensation Fund could be put under stress.
AML regime: Legal sector expertise must be retained
Lexis Nexis (£) covers our reaction on the Treasury’s consultation on Anti-Money Laundering and Counter Terrorism Financing, where we warned that the government must ensure legals sector-specific expertise is retained.
“The solicitors’ profession is fully committed to tackling illicit finance and money laundering. This is demonstrated by the significant resources allocated to complying with its AML and financial crime obligations,” said Law Society president Nick Emmerson.
“The AML regime is highly complex and it is vital for representative bodies, such as the Society, to be able to help draft and contribute to legal sector-wide guidance.”
On the proposed Professional Body Supervisor (PBS) consolidation model, Nick Emmerson said: “We support this model, but only for England and Wales. PBS consolidation has the potential of simplifying the complex regulatory landscape, making it easier to navigate and bringing more consistent levels of supervision.
“The model also supports the preservation of the independence of the legal profession from the government.”
“Growing climate of hostility” for immigration lawyers
Jacqueline McKenzie and other immigration lawyers speak to the Evening Standard about the “growing climate of hostility” partly fuelled by the “dangerous” Home Office rhetoric of lawyers ahead of next year’s general election.
Jacqueline McKenzie said: “The sort of vitriol that I’ve received is mainly on social media but also stuff has come into my inbox at work. One person said: ‘You deserve what’s coming to you’.”
Power of AI in the legal profession
BBC News examines whether AI is about to transform the legal profession. The piece cites the Law Society’s 2021 Future Worlds 2050: images of the future worlds facing the legal profession 2020-2030 which said that AI represents a threat and an opportunity and could lead in a “savage reduction” in jobs for humans.
Access to Justice improvements
Legal Cheek runs an in-depth report looking at access to justice and what more can be done to improve this for the public.
It cites the Law Society’s data which said 61% of our members had been concerned about the effect of LAPSO on access to justice.
D&I Framework
Better Wholesaling writes an article about the barriers that women face in the workplace which mentions the Law Society’s research into Diversity & Inclusion in the legal profession.
Also worth a read:
- High Court dismisses Greenpeace legal challenge over oil and gas – Reuters
- Legislative amendments to 2022 Building Safety Act – Solicitors Journal
- Raac concrete found in more schools and hospitals – FT (£)
- UK privacy laws fail to sanction US-based AI company – Forbes
- Sunak to proceed with ban on conversion therapy – ITV News
- Sunak arrives in Israel – Sky News and BBC News