Being held back by your own regulator
Chambers wanting to make changes to the Legal Services Act (LSA) is proving difficult as the Bar Standard Board (BSB) will not be LSA ready until 2014. Alternative business structures such as ABS have been encouraged where the involvement can be at a management level. Due to the arrival of fixed fee’s Riverside Chambers and Stobart Barristers have been urged to consider ABS as a business structure.
Most recently the BSB has been relaxing its current regulations and will not have entity based regulations until 2014 which by then more changes could have been made. The Bar Standard Board (BSB ) said regulatory reform would need the approval of the legal Services Act (LSA), it plans to submit a licensing authority application this December but 2014 will be the earliest they will be LSA ready.