Law Society Essay Example | Topics and Well Written Essays - 1750 words

Law Society - Essay Example Then the new role which the Law Society has to play is discussed with the initiatives of government. The study concludes stating the roles taken by the Society in implementing the regulatory changes. The Society was first founded on June 2nd 1825. The Society acquired it's royal charter in 1831, and commenced its operations from a new building in Chancery Lane, in 1832. "A new Charter in 1845 set the Law Society as an independent, private body servicing the affairs of the legal profession like other professional, literary and scientific bodies". (Formation of the Law Society, 2004: para 2) The former title of the society was 'The Society of Attorneys, Solicitors, Proctors and others not being Barristers, practicing in the Courts of Law and Equity of the United Kingdom' which later became colloquially renowned as "The Law Society". It changed its name officially in 1903. (Formation of the Law Society, 2004: para 4) The current legal regulatory system is biased with no clear objectives or principles and functions with minimal interests towards the consumers. There exists a confusion regarding the current system supervising bodies' viz., Law Society and Bar Council. (Reform of legal services, 2006) The areas of regulations for legal services suffer from various regulatory gaps, functional overlaps and irregularities. For instance, in cases of service providers like solicitors who provide legal advice as well as non-incidental financial advice, they are regulated simultaneously by the Law Society and the Financial Services Authority. (Regulatory Gaps, 2004) A consultation paper published in May 2003 depicts Government's conclusions on the issues analyzed on matters as raised in the document "In the public interest". (Government Conclusions, 2003) The Department for Constitutional Affairs in its report published in July 2003, arrived at a conclusion that the framework of regulations regarding lega l services in England and Wales was highly inefficient and outdated in handling current legal requirements of the consumers. (Legal Services Review, 2004, Para 1) Consequently, Lord Chancellor, Lord Falconer ordered a review into regulation of the legal services. The Chancellor described the current frame work of the Law Society as "outdated, inflexible, over-complex and insufficiently accountable or transparent". (Lawyer regulation 'needs change', 2004: para 11) On this behalf, an inquiry, headed by former deputy governor of the Bank of England, Sir David Clementi, came forward with his suggested recommendations including the establishment of a new regulatory society, the Legal Services Board. (Lawyer regulation 'needs change', 2004) Proposed changes in the regulation of legal services Sir David Clementi, in December 2004, published a report suggesting important changes on the regulation of legal services which also won the support from the Government. Clementi, through his report suggested many reforms for the efficiency of legal service including the removal of disparity of business structures, the references, how the new structure would benefit the legal service, the clear distinction that has to be made between