Industry News

Relationship Management for BIG Firms ONLY – quote from the SRA

03 November 2011

The Solicitors Regulation Authority has given more details of its
implementation strategy for outcomes-focused regulation.

Its Relationship Management approach to risk-based supervision is to be
rolled out to larger firms, after a pilot found that small firms did not require
interaction with the regulator on a continuous basis.

The approach has been tested since autumn 2010 on 19 volunteer firms of all
sizes.

The project involves a team of relationship managers from the SRA undertaking
a five-step process that includes identifying, assessing and addressing
risks.

For smaller firms involved in the pilot, it was found their regulatory issues
were less complex and capable of resolution without an ongoing relationship
approach.

Suchitra Hammond, SRA relationship manager, said: ‘Because of the
resource-intensive nature of Relationship Management, we had taken the view that
it would be the most fitting for large and commercial firms. The evidence we’ve
collected since we started the pilot proves this to be the case.’

City firms have already indicated to the SRA their support for the
Relationship Management regulation method, with assessments now to be made on
staff numbers, offices and turnover to judge which should be included.
Alternative business structures will also be assessed in this way.

Ian Braithwaite
Client Relationship Manager

T: 0845 056 3949
M: 0743 727 4046
E: ian.braithwaite@lbslegal.co.uk

For General Enquiries: Email enquiries@lbslegal.co.uk
24 hour Helpline 0845 0563949
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