IPS LAUNCHES ENTITY REGULATION
New and existing law firms can now apply to ILEX Professional Standards (IPS) for authorisation as a legal business. This is the first time Chartered Legal Executives can establish their own regulated businesses.
One of the first Fellows to seek authorisation is Mark Winton (pictured above). He said: "The fact that IPS have now been granted rights to regulate its members and law firms is the final piece in the jigsaw puzzle for me, as I can take everything I have learnt over the years and start operating independently.
"The staff at IPS are very friendly and approachable and I would definitely recommend applying if this is something you are interested in, or even if you are looking to switch regulators. Personally I’ve found the IPS model to be much more competitive than some other regulators".
Since applications opened on 5 January, nearly 50 prospective businesses to be run by CILEx members have expressed interest, as well as several enquiries from existing regulated legal firms as to whether they can switch to IPS as a regulator, including from multi-partner firms.