Regulator under pressure as solicitor misconduct reports soar nearly 30 per cent
Reports about solicitors’ misconduct have spiked by nearly 30 per cent in the past year, new data from the Solicitors’ Regulation Authority (SRA) has revealed.
The watchdog, which regulates more than 200,000 solicitors in England and Wales and 9,000 law firms, said there is “a large increase” in misconduct reports and the number of investigations it is undertaking as a result.
During the six months before 30 April this year, the SRA said reports of potential misconduct surged by 58 per cent compared with two years prior and that it investigated nearly 9,000 reports.
The regulator said it is currently handling 1,844 ongoing investigations relating to reports of solicitor misconduct.
‘Significant pressure’ on SRA’s resources
Jonathan Peddie, executive director for investigations, enforcement, and litigation, said the “unprecedented increase” is “putting significant pressure” on the SRA’s resources.
“In the short term, we have diverted resources from elsewhere, but this isn’t sustainable as we need strength in all areas,” Peddie said.
In April, the regulator’s new head, Sarah Rapson, said the influx of reports has become such an issue that it needs extra funding to meet the regulatory demands. Individual solicitors pay £400 annually, while firms pay a percentage of their revenue.
“In order to be the kind of regulator that we need to be, it does need to be properly invested in,” Rapson told the FT in March.
The SRA set out in its business plan last week, which is under consultation until June, that it plans to invest in new technology and boost senior expertise and skills to deal with the wave of reports.
“As outlined in our recently published draft Business Plan, we need to consider a range of fundamental changes to the way we work in response to this changing dynamic. This will ensure we can continue to protect the public and uphold confidence in legal services,” Peddie said.