Regulation of City law firms should be reformed, a report commissioned by the Law Society will conclude today (5 October).
The Law Society asked Lord David Hunt, shadow minister for business, enterprise and regulation, to examine how the regulatory structure should be shaped for 21st century firms.
After spending a year on the review, Hunt is expected to come down in favour of the Smedley report, which was also commissioned by the Law Society and argued that current regulatory functions “are not robust enough” (The Lawyer, 26 March).
Former Ministry of Justice civil servant Smedley warned that current regulatory arrangements are not fit for purpose.
It is believed Hunt will favour some form of self-regulation for firms with corporate clients, a move that is likely to anger the Solicitors Regulation Authority (SRA). However, Hunt’s conclusions will please the City of London Law Society (CLLS), which has lobbied hard for separate regulation of City firms.