Law firms may be required to notify the SRA when planning M&A activity

SRA wants a heads-up before law firms merge

New risk-spotting plans Law firms could soon be forced to tell the SRA before they merge with or acquire rival outfits, under fresh proposals from the regulator aimed at identifying potential risk before it blows up into the next big scandal. The Solicitors Regulation Authority (SRA) has launched a consulation on a new rule that would introduce a list of “prescribed events” firms must flag in real time. Top of that list is M&A activity, with fir…

Law firms may be required to notify the SRA when planning M&A activity

The Solicitors Regulation Authority (SRA) has launched a consultation into plans for law firms to notify the regulator of proposed merger and acquisition activity, as part of its next phase of work examining client money and consumer protection.  Expanding on the work already done around requiring law firms to provide more regular accounts and separating the compliance roles from those of management and senior leadership, the latest consultation…