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I seem to recall that when I qualified, a long time ago and very much pre-SRA, it was explained that one of the key features of a true profession was self-regulation. While there is a majority of lawyers on the panel it is just about possible to still argue that some of that still exists, but not otherwise.
Lawyers are far better at identifying malpractice and judging it appropriately than lay individuals. A false perception that this isn't so is no basis for this wrong-headed suggestion.