The Society suffered a loss for the first time since 2010. The increased cost is put down to ‘a significant increase in the number of legal firms experiencing financial difficulties and [the fact that] an increased part of the SRA's [Solicitors Regulation Authority's] supervisory activity was focussed on addressing the risks arising from this increase’, according to the Law Society.
More large firms in trouble
The Society added: ‘The market has seen a greater number of medium and large firms move into administration and insolvency and the SRA's primary objective has been to protect the consumers of legal services from the consequences of firm failures.’ Source: Legal Business
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