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SRA boosts fining powers by 1150% to £25k

The turnover of firms and financial means of individuals will also be taken into consideration when setting fines, so different levels of fines can be issued to a low-earning junior solicitor compared to a senior equity partner for similar offences

The Solicitors Regulation Authority (SRA) has announced it will increase the maximum fine it can issue internally to traditional firms, and those working in them, from £2,000 to £25,000, marking a 1150% increase.

The announcement comes as the SRA is updating its approach on issuing financial penalties to law firms and solicitors who “fall short of the expected professional standards”.

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