The Law Society has issued a new Practice Note for solicitors considering setting up a new practice in England and Wales and who want to know about the regulatory requirements they need to consider.
A new practice may include:
a start-up not previously connected to any other firm;
a firm resulting from a breakaway or split from an existing practice in circumstances where the firm is not a successor practice; and
a practice that has been regulated by another regulator and is applying to be regulated by the SRA.
The Practice Note outlines the regulatory requirements to consider when setting up your practice. There are numerous actions that need to be taken when setting up a practice and doing so will require forward planning.