Following on a review of the Accounts Rules, the law society of Scotland has decided to consolidate the Rules governing the Guarantee Fund areas of responsibility and has therefore drawn up new Rules which are to go before a special meeting on 28th September 2001. They are:
- Draft Solicitors( Scotland) (Accounts, Accounts Certificate, Professional Practice Guarantee Fund Rules 2001. This is an effort to consolidate the existing rules into one document. The form for applying for a grant from the Fund has also been updated.
- Draft Solicitors (Scotland) (Incidental Investment Business) Practice Rules 2001. After 1st December the Law Society will be a Designated Professional body under the Financial Services and Markets Act 2000 and therefore requires to have specific Rules on the conduct of incidental business. A licensing r?gime will apply in future.
- Draft Solicitors ( Scotland) (Practice Management Course) Practice Rules 2001
- Draft Solicitors (Scotland) (Associates, Consultants & Employees) Practice Rules 2001
The above Rules contain only minor amendments to take account of the recently made Incorporated Practices Rules as well as the Registered European Lawyers Rules.
- Draft Solicitors (Scotland) (Restriction on Practice as a Principal) Practice Rules 2001
These Rules will allow a solicitor who has accumulated three years in practice to practise as a principal, irrespective of whether the three years are consecutive.