One-size-fits-all regulation does not work so far as City firms are concerned, the incoming president of the Law Society said this week.

‘We have to acknowledge that different types of practices, firms and solicitors operate in different fashions,’ Ed Nally, a partner at Bolton firm Fieldings Porter, told the Gazette.


Mr Nally, who takes over from Peter Williamson at this week’s Law Society Council meeting, said that while there is still one profession, ‘we need to make sure the City realises we will look at ways to regulate them differently’.


But he denied this would mean hands-off regulation. ‘It’s the responsibility of the Law Society to regulate large City firms in a way which is more proportionate to their needs.’


Mr Nally’s comments were welcomed by leading City firms. Chris Perrin, executive partner at Clifford Chance, said: ‘You can try and mould rules and policies that cater for all requirements. But to do so is very difficult, time-consuming and you rarely get a satisfactory result.’


David McIntosh, chairman of the City of London Law Society and senior partner of Davies Arnold Cooper, said a distinction should be drawn between the types of client that a firm is advising and the levels of protection they are afforded. ‘Most City firms are mainly dealing with sophisticated corporate clients,’ he said.


Herbert Smith partner David Willis said the Society should look at the approach taken by the Financial Services Authority, whose conduct of business rules reflect the status of the client. He added: ‘If I look at my own practice, I probably have not got a single job on that does not have in-house lawyers involved.’


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