About the CSCClementi Report: legal shake-up outlined
15/12/2004
Sir David Clementi is due to unveil his recommendations on the reform of the legal profession this morning. He is expected to recommend the opening up to outside capital of the market, effectively giving the green light to insurers and brokers to acquire significant stakes in legal entities should the Department for Constitutional Affairs adopt Sir David’s suggestions.
Sir David is also expected today to to confirm his recommendations for a range of other measures designed to sweep away many of the profession’s restrictive practices.
The Department for Constitutional Affairs is anticipated to welcome the findings and then consult further with stakeholders before making any final decisions of implementation of any of Sir David’s recommendations.
The Clementi report is also widely tipped to favour what is known as ‘Model B+’, whereby legal firms would be regulated by a professional body, which would then be required to separate its regulatory functions, subject to consistent oversight by a new regulator.
Full details of Sir David Clementi’s final findings will appear on this website as soon as they are available.
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