Notice for Law Firms considering moving from SRA to CLC regulation
If you are thinking about making changes to your business by expanding the structure or changing your business model by housing the conveyancing separately (but retain a sense of group structure) it is important you let LMS know.
There have been recent instances of SRA regulated law firms seeking to ‘switch’ or ‘hive off’ their conveyancing into CLC regulations. This could be for a variety of reasons including moving from a multi-disciplinary firm to a separate vehicle with specialist regulation. As a result, the transition may be unsettling from a lender panel membership perspective. LMS are here to help you through this process and we have been liaising with the CLC to support firms during their migration.
If you are considering, or in the process of switching regulators in line with the above, LMS want to hear from you at the earliest opportunity. To ensure your lender panel memberships are maintained through the migration period LMS need to hear from your and will ask you for key information about the changes so that we can set and manage the lenders expectations.
It is important that we can trace the newly CLC regulated entity back to the original SRA regulated law firm for continuity reasons. Therefore, it is important that you contact LMS on receipt of your new/approved CLC practising Licence number and prior to commencing trading.
** please note that the change of regulator will only involve a review of current/active memberships. New applications for panel membership or previous decision appeals, should follow the ‘standard’ new application/appeals process **