Introduction Flashcards
Who can a client complain to?
- Firm
- Legal Ombudsman
- SRA
- Solicitors Disciplinary Tribunal
What can the legal ombudsman require a solicitor to do?
apology,
compensation,
correct errors,
specific action,
pay costs,
limit fees
What can the SRA do when a complaint is made?
issue warning,
disciplinary sanction,
reprimand, order repayment of costs,
restrictions on practice,
institute disciplinary proceedings (SDT),
revoke recognition and
close down a firm
What can the SDT do when a complaint is made?
strike off roll,
suspend,
reprimand,
impose fine,
award costs,
restriction order
What are the three key roles of the SRA?
- Authorises orgs to provide legal services
- Sets standards and enforces
- Disciplinary matters
How do the SRA principles require a firm/individual to act?
- In a way that upholds rule of law/proper administration of justice
- In a way that upholds public trust and confidence in profession
- With independence
- With honesty
- With integrity
- Encourages equality, diversity and inclusion
- In best interests of client
What does the SRA require firms to obtain?
Professional Indemnity Insurance
When will a legal business need authorisation by the SRA?
- Reserved legal activities (unless exempt)
- Immigration services (unless OISC regulated)
- Claims management services (unless FCA regulated)
- Regulated financial activities (unless FCA regulated)
What are the reserved activities?
- Rights of audience
- Conduct litigation
- Reserved instrument activities
- Certain probate activities
- Administration of oaths
What are the advantages of partnerships?
- Flexible structure
- Partnership culture
- Control/decision making
- Profit sharing
- Privacy
What are the disadvantages of partnerships?
- Raising finance
- Shared decision making
- Partners running firm
- Tax burden
- Unlimited liability
- Foreign expansion
What are the advantages of LLPs?
- Limited liability
- Tax
- Increased funding opportunities
What are the disadvantages of LLPS?
- Less tax efficient than co
- Increased filing responsibility
- External investment
What are the advantages of incorporated companies?
- Limited liability
- Clear decision making
- Easier to raise money
- Tax advantages
- Foreign expansion
What are the disadvantages of incorporated companies?
- Administration and filings (but transparency could be good for funding)
- Tax issues
- Transparency
