BSB Plans To Become ABS Regulator
Category: E-Bulletins 2012
The regulating body for barristers in England and Wales, the Bar Standards Board (BSB), has approved a consultation on becoming a regulator of alternative business structures (ABSs), which will be presented shortly, website Legal Futures reports.
The document, labelled as a “declaration of intent”, includes detailed regulation plans and new guidelines on barristers’ code of conduct and plans. The scheme, allowing ABSs to act as litigation entities, is predicted to come into effect early next year.
The BSB also announced that a separate consultation will be open on a proposed supervision regime, which centres around a monitoring unit that will control entities and chambers alike.
One of the key litigation requirements is experience. Barristers with over three years of experience will be able to work without supervision, provided that they have gone through specialised training in litigation. Barristers will also have to prove they are provided with suitable technology to ensure case management and recording, financial and IT management.
In addition, the BSB proposes that it could become the regulating body for a range of structures, including partnerships, limited liability partnerships and companies, employing lawyers and other professionals. However, an entity under the regulation of the BSB will have to employ at least one barrister manager who is an owner as well.
According to the document, these requirements are proposed in order to grant an efficient and uncomplicated regime for the work of low-risk entities, where risks are not higher than in regulating self-employed barristers.
For original article see Legal Futures