The Solicitors Regulation Authority has delivered a measured response to the Smedley report, published today. The chair of the board, Peter Williamson, said he ‘welcomes Nick Smedley's contribution to the wider debate on the future regulation of legal services’. He added: ‘Although this report covers just one sector – the corporate legal sector – we are pleased it highlights the importance of robust, proactive regulation, in the interests of consumers.

‘We share Nick Smedley’s view that regulation needs to take account of the wide diversity of legal clients and legal firms and this forms an important element of the SRA’s published strategy for implementing a new regulatory regime.

‘We are pleased he recognises that stepping up the pace of our work and expanding our capabilities in the regulation of corporate legal services will require significant additional resource.

This will be considered in the context of the broader reform of legal regulation set out in the Legal Services Board's draft business plan and the SRA’s strategy.’

The SRA has said it will respond publicly to the detail of the report ‘within the next three months’. Time, it would seem, is certainly of the essence. After all, Smedley has said he would expect the head of the dedicated corporate regulator to be appointed by the SRA board ‘as soon as possible’ and be in post by November.