Brian A Jackson
After a decision by the Bar Standards Board to downgrade expectation of income from the new business structures, concerns have arisen regarding the financial viability of regulating barrister 'entities'.
The BSB has reported that its income for the 2015/16 financial year is expected to be 24 per cent less than predicted, with the committee forecasting total income for the year of £1.43 million, against a projected £1.88 million. This is partly the result of a low number of entity applications; only 36 firms have been regulated as an entity so far, much less than the 400 anticipated.
‘Fundamental question or timing issue’
At a BSB meeting, lay member Malcolm Cohen said the shortfall caused concerns about the amount being spent on regulating a ‘tiny’ number of entities and questioned whether it was a timing issue or a more fundamental question about the scheme. Source: The Law Society Gazette