Buying a law firm: every SRA approval rule, with its source

The rules, one by one

Holding that needs SRA approval: 10%

Those who hold 10% or more shares in the licensed body (the term ‘shares’ has a wide meaning) or any parent undertaking of the body. (read 28 October 2026)

Source: SRA: does your interest in a licensed body require approval

SRA decision on a proposed new owner: 90 days

Within 90 days of receiving notice of a proposed new owner, the SRA must act under paragraph 25 of Schedule 13 to the Legal Services Act. (read 28 October 2026)

Source: SRA: authorisation and approval of role holders

Representations after a warning notice: 28 days

If the SRA issues a warning notice, you and the candidate will have 28 days from the date of the notice to provide representations. (read 28 October 2026)

Source: SRA: authorisation and approval of role holders

Acquiring without approval: up to 2 years

On conviction on indictment, to a term of imprisonment not exceeding 2 years or a fine (or both). (read 28 October 2026)

Source: Legal Services Act 2007, Schedule 13

Approval lapses after one year

Where no period is specified, an approval lapses if the holding is not acquired before the end of the period of one year beginning with the date of the notice. (read 28 October 2026)

Source: Legal Services Act 2007, Schedule 13

Where the rest of the rules sit

The SRA's warning notice on mergers, acquisitions and sales of law firms sets out the conduct duties on a sale, its Authorisation of Firms Rules cover approval of owners and managers, and its Indemnity Insurance Rules carry the successor practice consequence of an acquisition. None states a figure of its own, so they are linked here rather than tabled.

Source: SRA warning notice: mergers, acquisitions and sales of law firms

The SRA Authorisation of Firms Rules.

Source: SRA Authorisation of Firms Rules

The SRA Indemnity Insurance Rules.

Source: SRA Indemnity Insurance Rules