Regulatory Role of the SRA

Question 1

Who does the SRA regulate?

Answer 1

Solicitors and law firms in England and Wales

Non-lawyers who are managers of law firm employees

Registered Foreign Lawyers

Registered European Lawyers

Question 2

What are the reserved legal activities?

Answer 2

• Right of Audience in Court
• Conducting Litigation
• Reserved Instrument Activities
• Probate Activities
• Notarial Activities
• Administration of Oaths

Question 3

What are “Reserved Instrument Activities”

Answer 3

• Preparing any instrument of transfer or charge
• Applying and lodging documents under the Land Registration Act 2002
• Preparing any other instrument relating to real or personal estate

Question 4

What is the minimum amount of Professional Indemnity Insurance required by firms?

Answer 4

SRA requires £3 million per claim (can be as low as £2 mil if certain legal structure?)

However, the insurance must also be ADEQUATE and APPROPRIATE (i.e., may be required to take out a higher amount if appropriate)

Question 5

Professional Indemnity Insurance for freelance solicitors

Answer 5

Depends if the carry out a reserved legal activity
(1) If no, no insurance needed.

(2) If yes, they need adequate and appropriate insurance and they must:
- have 3 years PQE
- not hold client money
- notify the SRA they are operating as a freelance solicitor

Question 6

Professional Indemnity Insurance for solicitors in non-commercial bodies

Answer 6

Solicitor must ensure that the non-commercial body takes out adequate and appropriate indemnity insurance