If you’ve considered setting up your own law firm, you’re not alone.  For those who have grown tired of the traditional and out of touch partner progression of most law firms, who want to be their own boss, or who are looking to head into retirement with a select group of clients, owning and operating their own law firm is an exciting and very achievable prospect.

However, one abbreviation that will likely keep cropping up whilst you’re conducting your research into how to start a law firm will be “SRA” (Solicitors Regulation Authority). SRA regulation is for solicitors and firms in England and Wales and consists of vigorous standards and procedures that you’ll need to abide by in order to operate.

Bamboo’s unique flexible platform for legal  removes the time, cost and hassle of SRA regulation, enabling you to focus on building your law brand and looking after your clients. Here

Bamboo outline what the SRA is, their regulations and procedures, and how the Bamboo Platform can assume the regulatory risk on your behalf:

1. Who are the SRA?

The SRA are the Solicitors Regulation Authority who govern solicitors in England and Wales. They do this through a set of rules and regulations that all law firms and solicitors must follow.

2. What types of SRA regulations do law firms and solicitors need to abide by?

The regulations are complex and thorough. They cover everything from the fundamental tenets of ethical behavior, codes of conduct for solicitors and firms, how you deal with money belonging to clients, criteria you must meet in order to start a firm, insurances and much more.

This includes, but is not limited to:

• Codes of conduct for firms
• Code of conduct for solicitors
• Principles
• Account rules
• Authorisation of firm’s rules
• Financial services (scope) rules
• Financial services (conduct of business) rules
• Indemnity insurance rules

3. How can I abide by SRA, setting up a law firm myself?

To comply with the regulations that are set out by the SRA, you have two options:

• Research, understand and comply with all the regulations yourself
• Enlist the services of compliance platform, such as Bamboo

When starting your own law firm, you’ll likely consider an alternative business structure for SRA regulation, that would defer your dependance on understanding and in most cases even having to deal with the strict processes set out by the regulator.

Bamboo are that alternative business structure. They work with you, taking away the hassle and issues involved in setting up your own law firm, reducing your risks, and giving you freedom in how you operate your business. Their platform builds your law firm for you and provides an SRA-regulated structure in which you work within, assuming the regulatory risk on your behalf.

Considering setting up your own law firm but need assistance with the SRA?

Bamboo enables lawyers to go it alone (or in a team!). You can focus on your brand and client base, and Bamboo will provide you with the process, systems and support you’ll need to succeed. By using the Bamboo Platform, you’ll have access to the tools, knowledge and expertise required to build your own regulated, insured law firm, and benefit from the expert support of a team who are designed to help you grow.

Whilst you can go it alone, if you want to spend more time on your brand and customer service than dealing with SRA rules and regulations, Bamboo can mitigate those nuisances alongside offering a vast range of support to help you thrive in the world of law.

More Information:

Bamboo Platform is a law firming operating system provided by one of the leading alternative business structures (ABS) for law firms in the UK. Their white label platform enables lawyers and non-lawyers to set up a law firm using an SRA-regulated structure on their own terms under their own brand. To learn more, visit their website: https://www.bamboo-platform.com/

Source: https://thenewsfront.com/bamboo-platform-sra-regulation-what-does-it-mean-and-why-does-it-matter-when-setting-up-a-law-firm/