As part of the Law Society’s continuing exploration of the ethical issues surrounding LPO ethics, this week I was invited to speak on LPO ethics and implications for the forthcoming regulatory changes for UK law firms. As a result of the Legal Services Act and allowance for alternative business structures (ABS), the UK regulatory regime is taking a new tack.
The new regulatory approach seeks to provide greater flexibility by basing regulatory obligations on broad “outcomes” giving this regulatory approach the name outcomes-focused regulation (OFR).
It will be some time before this approach is implemented, but it does pose some interesting implications for the ethics of legal outsourcing, including work done by outside legal vendors.
OFR is another thing for UK-based firms exploring or expanding their LPO options to keep an eye on.