Legal Services - Regulatory Role of the SRA

Question 1

Professional Indemnity Insurance

Answer 1

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.

Question 2

Reserved Legal Activities

Answer 2

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

Question 3

Freelance solicitors

Answer 3

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)

Question 4

Solicitors in non-commercial bodies

Answer 4

Must ensure body takes out indemnity insurance with adequate and appropriate coverage