City law firms are backing David Clementi’s B-model of legal regulation, according to Law Society chief executive Janet Paraskeva. City firms favour an amended B-model, involving limited reform, whereby regulatory functions would be retained by the Law Society but overseen by a central regulator. It is proposed that, while high street firms would continue to be regulated directly by the Law Society, City firms would implement the reforms themselves. The Law Society would then audit firms to ensure compliance.
First revealed on www.thelawyer.com 21 April