The Solicitors Regulation Authority (SRA) has published an update to the Risk Outlook 2014/2015.

Keeping to its promise to update the Outlook twice a year, the autumn update provides firms and consumers with a clear view of the SRA’s assessment of significant trends in the legal services market and profiles and explains key risks and the regulatory approaches to managing them.

Paul Philip, SRA Chief Executive, said:

“We cannot totally eliminate risk, the purpose of the Outlook is to ensure firms are aware of the risks they may face and help them to plan ahead.

“In response to interest expressed by firms about particular topics, we have also produced two papers to accompany the update. They deal with anti-money laundering – around which we have already launched a campaign to raise awareness – and bogus firms.

“As always, we’d urge firms to look at the Outlook and the supporting papers and apply the information they contain to their firm accordingly.”

The Risk Outlook is produced by reviewing the current legal services market to understand better the drivers of risk to the regulatory objectives. Risks are prioritised and placed into two categories – current and priority.

Further details of the Autumn Update can be found at www.sra.org.uk/risk/outlook/risk-outlook-autumn-2014-update.page