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The problem with suggesting that a lowly solicitor could be fined £50m by the SRA is that is actually makes the SRA seem somewhat detached from reality. The SRA keeps coming up with changes that most caution against.

The day is surely approaching when many will think enough is enough and provide their services through an unregulated and uninsured entity. In my line of work I have for many years seen legal services being provided by unregulated limited companies who actually charge more than many solicitors and are even recovering costs by way of classifying them as disbursements in litigation. Some are very good at their job and are doubtless legally qualified, although of course there is little remedy if they overcharged or are negligent.

Maybe this is what the SRA wants? It wants all small firms to either be regulated by somebody else or not regulated at all. The SRA can then focus on regulating the large city firms who of course don't do very much for the man on the street anyway