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A barrister has set up a limited company, regulated by the Bar Standards Board, to work as a consultant for a leading City law firm. Jane Walshe said she was the first barrister to be authorised to work in this way.

Sixteen businesses have so far completed their applications to be regulated by the Bar Standards Board, it has emerged. The barristers’ regulator will issue its first licences next month.

There has been strong interest from new and existing law firms in being overseen by the regulatory arm of the Chartered Institute of Legal Executives (CILEx), it said yesterday, with over 50 enquiries.

There has been a hitch in the Legal Services Board approving the Bar Standards Board’s bid to regulate entities, meaning that the LSB has had to issue a formal warning notice that it is considering whether to refuse the application.

The Bar Standards Board has followed the Solicitors Regulation Authority and proposed that the advocacy and litigation firms it hopes to regulate later this year should have indemnity cover of at least £500,000.