IPS to begin regulating businesses in New Year
ILEX Professional Standards (IPS), the regulator of CILEx members, expects to begin taking applications from legal businesses in the New Year, subject to the order being signed by justice minister Shailesh Vara and final clearance by the Legal Services Board (LSB).The final legislative hurdle for full practice rights for chartered legal executives has been cleared, giving members of the Chartered Institute of Legal Executives (CILEx) the ability to set up their own law firms.
The new regulatory model is risk-based and will be attractive to new and existing firms.
Alan Kershaw, chair of IPS, said:
“For many new and existing firms, this presents a great opportunity. For the first time they have a real choice of regulator. We should be clear about what that choice means. It does not mean a decline in standards, or a chance to escape scrutiny – it means a regulatory model that is best for your business, giving consumers the protection they need when seeking legal services. It also means that, for the first time, students starting out on the CILEx route can know that their natural end point is, if they want it, to be authorised to provide reserved legal services in one or more branches of the law either as an employed lawyer, or in running their own practice.”
The scheme rules now go to the LSB, who previously scrutinised them ahead of the Parliamentary process, for final sign off. Several insurers, having reviewed the new regulatory model, have already confirmed they will provide indemnity cover for firms approved for practice by IPS. Full details will be released following LSB approval.