By David Webster, Partner in the corporate team at Russe/1-Cooke
For some time the possibility of barristers practising through incorporated entities has existed, but only if that entity was regulated by an approved regulator such as the SRA, rather than the BSB. Although some barristers have forged ahead by innovating and adopting new methods of service provision, the general impression is that take up of these opportunities has been fairly limited.
The latest development, following Legal Services Board approval this November, is that the BSB now has the ability to regulate entities. Previously the BSB only regulated individual barristers, whether self-employed or in-house. The BSB has also imposed various requirements on Heads of Chambers to bring Chambers within the regulatory net. The BSB has confirmed that it will start accepting applications for incorporated practices from 5 January 2015, and expects to start authorising applications in April 2015.
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David Webster is a Partner in the corporate team at Russell-Cooke
+44 (0)20 7440 4825 David.Webster@russell-cooke.co.uk