Mr Philip said the latest plans, set out in a discussion paper published in July, contained “absolutely no recommendations”, despite what “other organisations” had said.
The chief executive told yesterday’s SRA board meeting that the regulator would “come back with specific recommendations late this year or early next year”.
Mr Philip described how the Legal Services Board said it needed more evidence before approving last year’s reforms plans, including reducing the minimum level of compulsory cover to £500,000.
Responding to the discussion paper earlier this month, the Law Society said the regulator’s “starting points remain flawed” and the plans could “only increase the burden on firms and raise uncertainty” as to whether firms were complying with the rules.
The society said the paper appeared to be “driven by a desire to reduce solicitors’ overheads” and claimed cost savings which were not substantiated.
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