Regulation of Firms

Question 1

What does the SRA do?

Answer 1

• authorises organisations to provide legal services
• sets standards for solicitors
• disciplinary matters eg issue warning to the firm or impose a sanction such as a fine or close down a firm

Question 2

What are the 3 main categories of legal services providers

Answer 2

1. Sole practice
   - a solicitor practices on their own account
2. Legal services body
   - all managers/ interest holders are layers
   - partnerships, limited company, or LLP
3. Licensable body
   - includes managers/ interest holders, lawyers and non-lawyers

Question 3

What is a COLP and what is their role?

Answer 3

Compliance Officer for legal practice:
Ensures -
- firm complies with all terms and conditions by SRA
- firm complies with its regulatory obligations
- record any failures to comply and make records available to SRA

Question 4

What is COFA and what is their role?

Answer 4

Compliance Officer for Finance and Administration
Ensures -
- firm complies with SRA Accounts Rules 2019
- reports any serious breaches to SRA