Legal Services II: Principles and Risk-Based Regulation
Description
A comprehensive overview of the UK legal regulatory landscape, focusing primarily on the Solicitors Regulation Authority (SRA) and its mechanisms for ensuring public protection. The sources explain the seven core SRA Principles, which establish the ethical obligations for solicitors and regulated firms, emphasizing that the public interest and the rule of law take priority over an individual client's interests, particularly in cases of conflict. Furthermore, the documents detail the SRA’s risk-based regulatory approach, where supervision and resources are targeted at firms posing the highest risk to the public. Finally, the sources outline the crucial role of Professional Indemnity Insurance (PII) in safeguarding clients against professional negligence and define the reserved legal activities that, by law, can only be performed by authorized and regulated professionals to maintain the integrity of the justice system.
United States
