SRA Publishes Latest Business Plan With Key Priorities

SRA publishes latest business plan with key priorities

The Solicitors Regulation Authority (SRA) has announced the publication of it’s latest 2020-21 Business Plan which outlines their primary deliverables and key areas of work for the next 12 months.

Prior to the publication of the plan, a consultation process was carried out earlier in the year which saw more than 10,000 people have their say on the proposals through a range of virtual events, written submissions and online polls.

The plan states:

“In addition to our core work to set and maintain the high professional standards that we and the public expect, we have significant work ahead on key areas. These include the introduction of the Solicitors Qualifying Examination, increasing our monitoring of anti-money laundering arrangements, understanding the adoption of technology in the legal sector, establishing an office in Wales when it is appropriate to do so and playing our part in the UK-EU exit transition.”

It outlines their awareness of the impact of the Covid-19 pandemic has had on the legal sector, it says:

“As we look ahead, we are also acutely aware, as we all are, that the impact of the Covid-19 pandemic on the legal sector and the wider UK and global economy is far from understood. It is likely to be a challenging year for everyone, as the profession adapts to the emerging landscape and the risks for consumers, particularly the vulnerable, are better understood.”

The Strategy sets out three key objectives:

  • Set and maintain high professional standards for the solicitors and law firm which would be the expectations of the general public, providing a high level of service
  • Actively support the adoption of legal technology and innovation to meet the demands of the public, business community, regulated entities and the economy
  • Continually evolve and respond to change by understanding emerging opportunity and challenges for those who use the legal services and the legal sector as a whole, while effectively regulating it accordingly

Paul Philip, SRA Chief Executive said:

“This was the first time that we publicly consulted on our annual business plan, which sets out our work for the initial year of our new Corporate Strategy. We welcome the interest and engagement by so many people in our work and the broad agreement with our priority areas and key workstreams.

“The world has of course changed since we developed our thinking on our forward strategy and planning last year, and it will take some time for the implications of the Covid-19 pandemic on the legal sector to be properly understood. We must be agile and responsive to what is a fast-moving picture, keeping our planning and budget under review as we work to ensure the high professional standards and public protection that are all the more important at such a difficult time.”

Read SRA’s 2020-2021 Business Plan here.

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