Prevention is better than cure

The Law Society has taken deliberate and proactive steps towards addressing the regulatory concerns and needs identified by solicitors. Eamonn Maguire reports 

From the local solicitor in rural Ireland, trusted with executing the will of a longstanding client, to the corporate lawyer in central Dublin, negotiating a sophisticated multinational acquisition, solicitors perform a trusted and valued role.

With such far-reaching influence and responsibility, it is essential that solicitors are subject to strict regulatory oversight that protects and supports the public interest, safeguards clients and their money, and upholds the highest ethical and professional standards.

A robust regulatory regime not only plays a vital role in maintaining public trust, but protects the profession from reputational damage by ensuring that solicitors observe all obligations prescribed by statute, while acting with honesty and integrity when providing legal services.

And although such exacting standards must be upheld, when a solicitor’s professional conduct falls short of these standards, the regulatory framework must effectively resolve such matters in a way that observes fair procedures and due process for the solicitor, while always working in the public interest.

Fairness and vigour

The Law Society works hard to ensure that its regulatory function is executed with fairness and vigour.

The Regulation of Practice Committee is tasked primarily with protecting clients’ monies in the interest of both the public and the profession, which must make up for deficits through the Law Society’s Compensation Fund.

In 2024, the committee met a total of 48 times, while the Law Society’s Financial Regulation Section performed 350 audits of firms and analysed and processed 2,020 accountants’ reports.

In addition, the Society is a frequent applicant before the Solicitors Disciplinary Tribunal (SDT) and the Legal Practitioners Disciplinary Tribunal (LPDT). In 2024, six applications went before the SDT, while a further 24 applications were made to the LPDT.

Add to this the fact that, during the same period, Law Society litigators made over 40 appearances before the High Court, Circuit Criminal Court, Court of Appeal, and Supreme Court regarding solicitors’ conduct, and the Law Society’s commitment to exercising its regulatory function is clearly demonstrated.

Nevertheless, the increasing demands that come with being a member of a regulated profession must be acknowledged.

Over the course of 2023, such pressures were made clear to the Law Society when it consulted the profession as part of the development of its five-year strategy.

When it came to regulation, key takeaways from the 2023 survey by B&A Research included:

• Solicitors identified that a challenge in practice is regulatory compliance, with 33% of respondents viewing this as ‘extremely challenging’, with 48% categorising it as ‘challenging’. The report also indicated that smaller firms are more likely to see increased regulatory obligations as ‘extremely challenging’ compared with those working in larger organisations.
• Maintaining high standards in regulatory compliance is a top priority for solicitors, with 68% of respondents viewing this as a ‘high priority’, and 28% viewing it as a ‘medium priority’.
• Solicitors made it clear that greater regulatory communication is an area in which the Law Society can strengthen its services offering to the profession.

In response to this feedback, the Law Society has taken deliberate and proactive steps towards addressing the concerns and needs identified.

In the first instance, a new regulatory communications function was created, with the purpose of increasing practical support and guidance to solicitors with all aspects of regulatory compliance through a series of strategic communications campaigns and initiatives.

Throughout 2024, Law Society regulation staff delivered 36 CPD presentations on a range of topics, including the Solicitors Accounts Regulations, anti-money-laundering (AML), cybersecurity, advertising, and complaints handling.

The organisation also launched a new autumn CPD webinar series, ‘Regulation Matters’. This initiative was aimed at providing practical guidance on matters relating to daily practice, such as how to prepare for a Law Society inspection, and how to manage a client’s expectations.

In addition, two dedicated CPD days ran on 4 and 10 December, which provided a total of 11 CPD hours for attendees.

In addition, and in an effort to lead best practice with the implementation of AML, a dedicated AML unit has been established.

Cooperating with relevant State authorities, reporting money-laundering and other relevant offences, and developing practical guidance materials are just some of the unit’s functions – all aimed at improving the supports provided to solicitors with meeting their statutory AML obligations.

Finally, and in response to the profession’s demand for greater regulatory communications, the Law Society has launched ‘Regulation Answers’. Available on the Law Society website (lawsociety.ie/solicitors/ regulation), Regulation Answers is a free helpline and hub that provides guidance and information on all areas of regulatory compliance.

There is also helpful information on cybersecurity, Law Society accounts investigations, and what to do if a complaint is made against you.

Better than the cure

The Law Society appreciates that, although robust regulatory enforcement is essential, the organisation is uniquely positioned to share its regulatory expertise and experience with solicitors so that they can best meet their compliance obligations and avoid breaches from happening.

In short: prevention is better than cure. And if the Regulation Answers helpline and hub can help solicitors avoid infringing their obligations, this will only enhance the regulatory regime overall, and add value to the delivery of our services.

And the work continues – throughout 2024, we reached out to solicitors through the bar associations’ network to better understand how we can continue to improve our services’ offering.

This engagement will continue throughout 2025, so if you have any questions or suggestions, the Law Society wants to hear from you. There is a comment box on the Regulation Answers hub, or you can email regulationanswers@ lawsociety.ie.

Alternatively, you can provide feedback via your local bar association. The Law Society wants to help, and we hope that through such a collaborative approach, we will ensure that our regulatory framework is not only robust, fit-for-purpose and future-proofed, but that it is dynamic and responsive to the needs of solicitors in an ever-evolving legal landscape.

Eamonn Maguire is regulatory communications manager at the Law Society

IN FOCUS

‘Regulation Answers’ is a free-to-use solicitor helpline, with an online hub providing practical support and guidance on all matters relating to regulatory compliance.

Regulation Answers can be accessed via the ‘For solicitors’ tab on the Law Society website (lawsociety.ie); tel: 01 879 8788; email: regulationanswers@lawsociety.ie.

Lines are open, Monday to Friday, from 9am to 12pm.

Note: the Regulation Answers helpline is for general guidance queries only. It cannot provide legal advice,

AT YOUR FINGERTIPS

Modules on the ‘Regulation Matters’ CPD webinar hub can be accessed via the
‘Regulation Answers’ webpage.

Four ‘client-care and professional standards’ CPD points (including two
‘accounting and AML compliance’) are available, on demand, for €195. Modules in the course include:

• AML in practice (one hour client-care and professional standards – accounting and AML compliance, by e-learning),
• Managing client expectations (one hour client-care and professional standards, by e-learning),
• Cybercrime (one hour client-care and professional standards, by e-learning),
• Preparing for an inspection (one hour client-care and professional standards – accounting and AML compliance, by e-learning).

Note: the current modules in the Regulation Matters Hub were produced over a period from September to December 2024. An additional four new modules will be recorded and published for the 2025 CPD cycle.