Two powerful forces reshaping American law firms—external capital and an intensifying war for talent—are crossing the pond, with profound implications for the U.K.’s legal establishment, and more importantly their clients.

Those waiting for the SRA’s consultation on handling interest on client account, promised for later this year, may have been surprised to see the Government announce last week its proposals for a new Interest on Lawyers Client Account (ILCA) scheme.

Read on for Juliet’s response.

Last month the SRA published their long-awaited thematic review on the compliance officer function, alongside its consultation on strengthening the checks and balances provided by compliance officers. What do law firms and compliance officers need to consider next?

Earlier this month, Professional Standards Authority launched a fresh version of Right Touch Regulation, a framework first published in 2010 to help regulators assess risk of harm and decide the most proportionate and effective response.

Seven years ago, I launched Passmore Consulting. I talked about how three drivers were changing the legal market: regulatory reform, technology, and pressure from clients. Back then, I was focused predominantly on the UK – and made the point that while we were in the middle of a revolution, such industrial revolutions usually take decades. Seven years on, everything has changed, and nothing has changed.