Legal Services - Regulatory Role of the SRA Flashcards
Professional Indemnity Insurance
Amount must be adequate and appropriate depending on type of work and clients, for example. But must be at least £3 million coverage for any one claim.
Minimum level doesn’t apply to freelance solicitors but they must let their clients know if coverage less than £3 million.
Reserved Legal Activities
E.g. issuing proceedings, representing a client in court, drawing up a will
Can only be undertaken by those authorised by one of the 7 regulatory bodies
Freelance solicitors
Can carry out reserved legal activities without being authorised by the SRA as a sole practitioner firm if:
- They have at least 3 years’ PQE
- They must not hold client money
- They take out adequate and appropriate insurance cover (not subject to min term)
Solicitors in non-commercial bodies
Must ensure body takes out indemnity insurance with adequate and appropriate coverage