City lawyers have for the first time been asked by the Law Society to suggest their own set of rules – before the rest of the profession is consulted.
The City of London Law Society is producing draft conflict of interest rules as part of a nationwide review of regulations.
Their suggestions will then be put to the rest of the Law Society membership for consideration.
Tony Sacker, chairman of the City of London Law Society, says: “They are hoping that, if a new code will be acceptable for the City, it will be acceptable to the rest of the profession.
“They want our input before they even go to everyone else, and that hasn't happened before.”
Sacker is in the process of putting together a working party of between six and eight City lawyers.
The group will include Clifford Chance litigation partner Chris Perrin, who deals with his firm's conflict issues.
They will consider changing the rules to allow informed consent – so that a client could agree to allow a solicitor to act despite a conflict.
Sacker hopes the party will report in March.