Lord Hunt’s preliminary report on legal regulation is almost worth reading for its flamboyant and elegant prose alone. How often in documents of this type does one come across coinages such as ‘omphaloskepsis’ (‘navel-gazing’). We suspect a classical education.

More seriously, the Gazette urges every solicitor with something constructive to say about how they are regulated to read, digest, and ideally respond to Hunt if they have not done so already – particularly now that he has aired his initial response to evidence.

Hunt’s conclusions are necessarily provisional, but there are many interesting pointers. He shares Nick Smedley’s view that it is ‘unlikely’ that a substantively different form of regulation for large, corporate firms can best be achieved by setting up a separate, ‘bespoke’ regulator. He is leaning towards ‘mandatory self-regulation’ – a system of self-certification – for this group, but he rightly stresses that this must not be mistaken for a ‘light-touch’ regime (the latter concept having been brought into dispute).

He also has much that is interesting to say about alternative business structures – the ‘toughest nut of all to crack’. He is minded to recommend that all ABSs should be required to appointed a designated head of regulatory affairs.

A series of roadshows hosted by Lord Hunt begins today in Manchester. Get along to one if you can. Have your say.