Just returned from the 4th Annual Conference of Legal Regulators in Toronto, Canada. The program can be found at the following link – flsc.ca/building blocks to better regulations.
Regulators from around the world attended this conference to discuss developments and challenges facing regulators of the legal profession. Creative Consequences were involved in the planning of the conference and appeared in two sessions – “In an Ever Expanding Universe of Legal Services – What is the Future of Legal Regulation” and “ABS, Entity Regulation and Proactive Regulation Update.”
The main issues that emerged during the conference is the shift towards entity regulation which commenced in New South Wales, Australia, then in the England and Wales. Entity regulation is now being embraced in Nova Scotia, Canada and more widely in other provinces in Canada and the United States. Creative Consequences is working with these jurisdictions.
Another emerging issues is how to regulate trust accounts. The Conference revealed that many lawyers within some jurisdictions are moving away from holding trust accounts and several jurisdictions are now using centralised accounts such as escrow or clients funds to hold trust money rather than the firms having to manage them.
Creative Consequences will be investigating this trend and other issues in forthcoming posts and articles.