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If the Solicitor works for an unregulated entity, how on earth could the SRA ever prosecute them for anything that happened in that entity.

They would have no right of inspection of papers, no rights of intervention, and would be wholly reliant upon some other outside body giving them access to any papers with which to pursue a case.

So basically this is a charter to go away and set up an unregulated business, tell everyone that it is owned and run by a 'Solicitor' and then feel free to breach all known rules knowing you will get away scot-free...

Well done Crispin and Co...