Regulatory Role of SRA

Question 1

What is the umbrella regulator for all lawyers?

Answer 1

Legal Services Board

Question 2

The SRA manages lawyers AND non-lawyers who are managers or employees of regulated firms?

Answer 2

True

Question 3

What are the reserved legal activities?

Answer 3

1. Right of audience (appear in court);
2. Conducting litigation
3. Reserved instruments
4. Probate activities
   5.Notarial activities
5. Administration of oaths

Question 4

What are reserved instrument activities?

Answer 4

Preparing instrument of transfer/charge
Applying/lodging documents under Land Registration Act 2002
Preparing instruments for real or personal estate

Question 5

What are notarial activities

Answer 5

Preparing
Witnessing
Certifying
documents and non-contentious legal work (wills)

Question 6

When are you exempt from being regulated and carrying out a reserved legal activity?

Answer 6

If you are a party to proceedings you can conduct your own litigation in capacity as a party

Question 7

SRA requires regulated firms to maintain professional indemnity insurance with a minimum coverage of?

Answer 7

2 million or 3 million per claim

Question 8

What is the golden rule for the type of indemnity insurance needed?

Answer 8

Adequate and appropriate depending on the firm

Question 9

How do you determine what is adequate and appropriate insurance coverage?

Answer 9

1. Type of client
2. Value of matters
3. Claims history of the firm

Question 10

How do you cover yourself when the SRA asks about your insurance coverage?

Answer 10

Prove that you considered factors relating to adequacy and appropriateness of the insurance

Question 11

Does a freelance solicitor who practices in their own name (not via company or trading name) who does NOT carry out reserved legal activities require insurance?

Answer 11

No

Question 12

When can a freelance solicitor carry out reserved legal activities without being authorised as a sole practitioner by SRA ?

Answer 12

1. Three years PQE
2. Not hold client money
3. Adequate and appropriate insurance

Question 13

Does the freelancer carrying out reserved legal activities need to take out insurance at the SRA’s minimum standards?

Answer 13

No

Question 14

Who must make sure that a non-commercial body like a charity that employs a solicitor who carries out reserved legal activities maintain insurance?

Answer 14

The solicitor himself