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Barristers will find out in November if they can become managers or shareholders of Legal Disciplinary Practices (“LDPs”).
By then, the Bar Standards Board (“BSB”) will have analysed further research it commissioned into the regulatory implications of the new structures, which are being introduced under the Legal Services Act 2007.
It will decide whether barristers can be managers of LDPs, and what restrictions should apply; whether barristers can be shareholders; whether barristers can be both managers of LDPs and independent practitioners; whether barrister-only partnerships will be allowed; and whether barristers can practise through barrister-only companies and LLPs.
The BSB will then consult further on whether it should become a regulator of the new business structures, looking at the cost implications and the likely take-up by barristers. A Legal Services Board (“LSB”) spokesperson said: “We don’t comment on hypothetical questions, but nobody should be in any doubt about our commitment to the statutory objective of encouraging competition, which also bites on the Bar Council. “Removing anti-competitive restrictions, which fetter the creativity of barristers and chambers seems to us central in achieving that.”
It will decide whether barristers can be managers of LDPs, and what restrictions should apply; whether barristers can be shareholders; whether barristers can be both managers of LDPs and independent practitioners; whether barrister-only partnerships will be allowed; and whether barristers can practise through barrister-only companies and LLPs.
The BSB will then consult further on whether it should become a regulator of the new business structures, looking at the cost implications and the likely take-up by barristers. A Legal Services Board (“LSB”) spokesperson said: “We don’t comment on hypothetical questions, but nobody should be in any doubt about our commitment to the statutory objective of encouraging competition, which also bites on the Bar Council. “Removing anti-competitive restrictions, which fetter the creativity of barristers and chambers seems to us central in achieving that.”
Barristers will find out in November if they can become managers or shareholders of Legal Disciplinary Practices (“LDPs”).
By then, the Bar Standards Board (“BSB”) will have analysed further research it commissioned into the regulatory implications of the new structures, which are being introduced under the Legal Services Act 2007.
Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
Giovanni D’Avola explores the issue of over-citation of unreported cases and the ‘added value’ elements of a law report
Louise Crush explores the key points and opportunities for tax efficiency
Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
Is now the time to review your financial position, having reached a career milestone? asks Louise Crush
If you were to host a dinner party with 10 guests, and you asked them to explain what financial planning is and how it differs to financial advice, you’d receive 10 different answers. The variety of answers highlights the ongoing need to clarify and promote the value of financial planning.
On the 50th anniversary of the pub bombings, even now it is still unresolved. Chris Mullin, the journalist and former MP who led the campaign leading to the release of the Birmingham Six, looks back at events
Most of us like to think we would risk our career in order to meet our ethical obligations, so why have so many lawyers failed to hold the line? asks Flora Page
If your current practice environment is bringing you down, seek a new one. However daunting the change, it will be worth it, says Anon Barrister
One year on and the Court of Appeal fails to quash convictions after receiving evidence of racism in the jury room, and there are still no revisions to the Equal Treatment Bench Book , says Keir Monteith KC
A cultural life and times
