The City of London Law Society has slated the current professional regulatory system as “dysfunctional”, in its response to the Ministry of Justice’s review of legal regulation.
The Legal Services Act 2007 had led to “an unnecessarily complex and expensive” system with the larger firms bearing the brunt of the cost, it said. One of the main problems was the “one size fits all” approach when different sections of the profession have little in common – instead, the Society proposed an umbrella system with different regulatory systems to accommodate the various strands of the profession.
