News this week that solicitors might not need a separate Client Account. This may be the Law Society just testing the waters, but it is interesting that the Bar Council is at the same time setting up a mechanism for holding client money. And in the USA, attorneys are likely to set up a trust account to hold client money.
The Law Society talks of reducing the cost of regulation, a cost largely borne by the client. But one of my hobby horses is that the Law Society will never point out to clients just how much protection they have in using a Solicitor. That runs from the PI policy to the Compensation Fund to the handling of client money. Is it surprising if lawyers go regulator shopping?