Despite opposition from the Lord Chief Justice it would appear that accountants are about to be permitted to handle litigation, advocacy and legal instruments in taxation work following approval by the Legal Services Board to an application by the Institute of Chartered Accountants in England and Wales (ICAEW).
In a Legal Futures article, published today, it was revealed that the recommendation “will now go to the Lord Chancellor for approval.”
The Legal Futures report states that the LSB is satisfied that there were “effective controls and mitigations to address the significant issues raised by the LCJ”.
The ICAEW is already an approved regulator and licensing authority (of alternative business structures) for reserved probate work. It currently regulates 287 firms for probate, of which 190 are ABSs, making it the second largest licensor of ABSs after the Solicitors Regulation Authority.
The Legal Futures article can be found at www.legalfutures.co.uk/latest-news/competition-hots-up-accountants-set-rights-conduct-litigation-advocacy-work