A proposal to abolish the requirement for law firms to pay for an annual accountant’s report could save law firms £30m a year, but disputes over clients' finances may offset any savings, accounting firm Menzies has said.
Under the proposals by the Solicitors Regulation Authority (SRA), a firm’s compliance officer will have to sign a declaration saying they are satisfied that client accounts are being managed according to SRA regulations.
The proposal is part of an effort to reduce unnecessary regulation of law firms.
The SRA said universal audits are...
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.