The Law Society has voiced confidence that new governance arrangements agreed with the solicitors' regulator will 'stand the test of time'.

Chancery Lane was responding to the conclusion of a review by the Legal Services Board of the independence of regulation from representation at the approved regulators which the LSB oversees.

In the case of the Law Society and its relationship with the Solicitors Regulation Authority, the board noted: 'It has taken some months to produce robust arrangements. However, the LSB now considers that new shared services and oversight arrangements recently agreed move significantly towards compliance.

'The arrangements agreed by The Law Society and the SRA will need to be tested in practice and the LSB will use its formal information-gathering powers under section 55 of the Legal Services Act to monitor the implementation over the months ahead.’

Law Society president John Wotton said today: 'Last week the Society Council approved the changes needed to implement our agreement with the Solicitors Regulation Authority about new arrangements for dealing with shared support services and with Law Society oversight of the SRA.

'I believe these new arrangements will provide a stable foundation for the Law Society and SRA to work more closely and effectively together, for the benefit of both the public and the profession.

'These arrangements fully protect the SRA’s regulatory independence, whilst also ensuring that we can obtain economies from providing support services on a shared basis where practical. The arrangements are fully compliant with the LSB’s Internal Governance Rules and I am confident that they will stand the test of time.’