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The Competition and Markets Authority is considering whether to launch a review of the legal services market, it has emerged. It was a report in 2001 by its predecessor, the Office of Fair Trading, which began the process that led to the Legal Services Act 2007.

The Solicitors Regulation Authority has reined in its ambitions for massive internal powers to fine solicitors and ‘traditional’ law firms, applying to increase the current £2,000 limit to £10,000.

In his first interview since taking over as chairman of the Legal Services Board, Sir Michael Pitt has cooled talk of a single regulator for all legal services. Sir Michael also praised the Solicitors Regulation Authority for its current programme of reform.

More needs to be done to reduce the cost of legal services to meet the needs of small businesses and people who are neither wealthy nor eligible for legal aid, the chairman of the Legal Services Board has said in his first public speech.

A direct consequence of the government’s decision in May not to make any major changes to the regulatory framework for legal services is that it simultaneously fired the starting gun for the race to introduce major changes to the regulatory framework for legal services.