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I have seen a policy document. There is to be a staged, incremental set of requirements about regulation flagging, depending upon number of partners and PEP.

The lowliest provincial conveyancing outfit will only be required to display the badge of dishonour on their website, however as you climb up the money tree, the requirements become more demanding. Medium sized regional firms will be required to maintain a permanent laser display of the badge projected on to the front of each of their buildings, along with a Greek chorus of paralegals who will be required to intone in unison 'Regulated by the SRA' whenever anybody approaches.

Spare a thought though for the Magic Circle. Once a week, each of them will be required to overfly London in a Lear jet towing a banner pledging fealty to their regulator, though on non-Lear jet days, the pronouncement is able to be made from a firm's yacht as it plies up and down the Thames firing £50 notes appended to comps slips (mandatory wording: 'Regulated by the SRA') from a cannon made of diamonds.

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