*/
The Bar Standards Board (BSB) approved 15 new businesses as it entered the world of entity regulation.
The move follows the Legal Services Board’s (LSB) approval for the regulator’s application to regulate barrister and advocacy-focused entities in December.
Since it started accepting applications at the beginning of 2015, the BSB said it has received 90 expressions of interest from those wishing to set up BSB-regulated entities.
It cannot name the tranche of 15 newly authorised businesses until they have insurance in place, which they have 21 days from the date they received authorisation to do.
Each entity must have a minimum level of cover of £500,000 per claim, but will be obliged to ensure they have adequate insurance for the nature of their practice.
The move enables barristers and other lawyers to combine forces and share the ownership of their businesses so that they can provide a wider range of services to their clients.
The BSB said it believes that becoming a regulator of entities will help encourage the emergence of new advocacy-focused business models.
Director of Supervision for the BSB, Oliver Hanmer, said: “Our aim is to provide those wanting to specialise in advocacy, litigation and specialist legal advice with a specific and focused regime.
“We know from our conversations with members of the Bar that there is real enthusiasm for entities regulated by us. I’m sure these 15 are just the beginning.”
He said: “Against what is for many a backdrop of uncertainty and change, we hope this will give barristers and other lawyers more freedom to react to changes in the market and to devise new ways of working so as to remain competitive and best serve their clients.”
The next step is for the BSB to become a licensing authority for alternative business structures, allowing it to regulate businesses that include non-lawyer owners and investment. It is due to submit an application to the LSB shortly.
In a move that will antagonise some, the BSB has asked that Queen’s Counsel Appointments, which runs the annual Silk application process, consider developing a system of reaccrediting criminal Silks.
It follows the regulator’s announcement in January that it would explore other ways to protect the public from poor standards of advocacy, while the legal challenge to the Quality Assurance Scheme for Advocates continues.
The Supreme Court’s judgment in the case of Lumsdon and Others is awaited following a hearing in March.
The move follows the Legal Services Board’s (LSB) approval for the regulator’s application to regulate barrister and advocacy-focused entities in December.
Since it started accepting applications at the beginning of 2015, the BSB said it has received 90 expressions of interest from those wishing to set up BSB-regulated entities.
It cannot name the tranche of 15 newly authorised businesses until they have insurance in place, which they have 21 days from the date they received authorisation to do.
Each entity must have a minimum level of cover of £500,000 per claim, but will be obliged to ensure they have adequate insurance for the nature of their practice.
The move enables barristers and other lawyers to combine forces and share the ownership of their businesses so that they can provide a wider range of services to their clients.
The BSB said it believes that becoming a regulator of entities will help encourage the emergence of new advocacy-focused business models.
Director of Supervision for the BSB, Oliver Hanmer, said: “Our aim is to provide those wanting to specialise in advocacy, litigation and specialist legal advice with a specific and focused regime.
“We know from our conversations with members of the Bar that there is real enthusiasm for entities regulated by us. I’m sure these 15 are just the beginning.”
He said: “Against what is for many a backdrop of uncertainty and change, we hope this will give barristers and other lawyers more freedom to react to changes in the market and to devise new ways of working so as to remain competitive and best serve their clients.”
The next step is for the BSB to become a licensing authority for alternative business structures, allowing it to regulate businesses that include non-lawyer owners and investment. It is due to submit an application to the LSB shortly.
In a move that will antagonise some, the BSB has asked that Queen’s Counsel Appointments, which runs the annual Silk application process, consider developing a system of reaccrediting criminal Silks.
It follows the regulator’s announcement in January that it would explore other ways to protect the public from poor standards of advocacy, while the legal challenge to the Quality Assurance Scheme for Advocates continues.
The Supreme Court’s judgment in the case of Lumsdon and Others is awaited following a hearing in March.
The Bar Standards Board (BSB) approved 15 new businesses as it entered the world of entity regulation.
Barbara Mills KC, the new Chair of the Bar, outlines some key themes and priorities
A family lawyer has won a £500 donation for her preferred charity, an education centre for women from disadvantaged backgrounds, thanks to drug, alcohol and DNA testing laboratory AlphaBiolabs’ Giving Back campaign
Louise Crush of Westgate Wealth Management highlights some of the ways you can cut your IHT bill
Rachel Davenport breaks down everything you need to know about AlphaBiolabs’ industry-leading laboratory testing services for legal matters
By Louise Crush of Westgate Wealth Management sets out the key steps to your dream property
A centre of excellence for youth justice, the Youth Justice Legal Centre provides specialist training, an advice line and a membership programme
What's it like being a legal trainee at the Crown Prosecution Service? Amy describes what drew her to the role, the skills required and a typical day in the life
Barbara Mills KC wants to raise the profile of the family Bar. She also wants to improve wellbeing and enhance equality, diversity and inclusion in the profession. She talks to Joshua Rozenberg KC (hon) about her plans for the year ahead
Professor Dominic Regan and Seán Jones KC identify good value bottles across the price spectrum – from festive fizz to reliable reds
Governments who play fast and loose with the law get into real trouble, says the new Attorney General. The Rt Hon Lord Hermer KC talks to Anthony Inglese CB about what drew this boy from Cardiff to the Bar, bringing the barrister ethos to the front bench, and how he will be measuring success
Mark Neale, Director General of the Bar Standards Board, offers an update on the Equality Rules consultation
