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The Solicitors Regulation Authority (SRA) has widened its definition of a ‘small firm’ by doubling the annual turnover limit from £200,000 to £400,000. The limit of four on the number of managers is not changing.

Delegates at the Global Law Summit have questioned why a major report on the health of the legal services industry included so little on new entrants to the market, smaller firms and diversity.

Professor Avrom Sherr, one of the country’s leading legal academics, has said that “nobody listens to the Law Society” since it lost its regulatory role.

There is real potential for alternative business structures (ABSs) to have a positive impact on both the profession and consumers, the Solicitors Regulation Authority has said. The provisional conclusions of an equality impact assessment said solicitors would benefit from improved employment opportunities, while ABSs would facilitate improved access to legal services for consumers.