How important is SRA regulation for consultant solicitors? Nexa’s latest poll has the answers
What is SRA regulation?
Since 2007, the Solicitors Regulation Authority (SRA) has been the body responsible for regulating solicitors in England and Wales.
The SRA provides and enforces rules and guidance for solicitors on ethical issues, laws and regulations that affect solicitors’ work and provides information to the public about solicitors, their work and the high standards the public is entitled to expect when they use a solicitor.
All solicitors and many traditional partnership firms and new model firms are regulated by the SRA. As of June 2022, the SRA was responsible for regulating 157,000 solicitors and 9,900 law firms in England and Wales.
But not all law firms are regulated by the SRA and it’s not a requirement that they have to be for all types of legal work.
However, when clients use a firm which is authorised and regulated by the SRA, they get peace of mind, it’s a badge of reassurance because the SRA imposes very strict standards of professional conduct and provides a route to redress if things go wrong.
For more detail on the benefits of instructing an SRA regulated law firm as a client, see our previous blog.
Nexa’s latest poll
As a platform for consultant solicitors, Nexa has chosen to be regulated by the SRA – we think it’s an important symbol of quality and standards, but we wanted to find out what other consultant solicitors thought.
How important is it for you as a consultant lawyer to be working through a regulated platform?
A large majority (64%) considered it to be essential to be working through a regulated platform.
Only 13% thought it wasn’t important to be regulated and just under a quarter (23%) thought it was “nice to have, but not essential”.
A badge of quality
Nigel Clark commented:
“There was never any question that Nexa would operate as a regulated platform, we value the way this helps us to maintain high standards and we certainly intend to continue that way. We believe clients benefit from this and want this peace of mind. I wasn’t surprised that a majority of those consultant solicitors who responded to my poll on LinkedIn also agreed that SRA regulation is vitally important to them when deciding which platform to operate from professionally.”