Captivate provides bespoke legal and sports advice, representation and training to individuals and organisations. The entity is owned and run by a solicitor, Kevin Carpenter. It was authorised by the BSB in February 2016 and it is based in Sheffield.
More information can be found at their website. http://captivatelegalsports.com/
What services do you provide the public?
We offer legal advice, drafting, representation and training in the following areas:
- Commercial
- Dispute Resolution
- Governance, Integrity and Compliance
- Intellectual Property
- Policy and Advisory
- Regulation and Competition
- Training and Education
What are the pros and cons of having your business regulated by the BSB?
The main pros of being regulated by the BSB are:
- Greater flexibility
- More proportionate regulation for a small business
No cons of note so far. However, I have to carefully explain to Professional Indemnity insurers that I as an individual am regulated as a solicitor by the Solicitors Regulation Authority (SRA), but my limited company through which I provide my services is regulated by the BSB.
What advice would you give other lawyers considering setting up a BSB-regulated entity?
- Do your research and thoroughly compare the SRA and BSB regimes
- Overall I think the BSB is better suited and experienced in regulating smaller entrepreneurial legal practices
Jane Walshe Limited is a BSB-regulated entity with a single barrister as the owner. It was authorised in July 2015 and is a vehicle through which barrister Jane Walshe provides services to Simmons & Simmons in the City of London.
What services do you provide the public?
I do not provide services direct to the public but work as an entity for Simmons & Simmons LLP. I am part of the financial services regulatory team in London, and assist Simmons' clients with regulatory change, most notably as a result of MiFID2.
What are the pros and cons of having your business regulated by the BSB?
There are no any real disadvantages that I can see. You need to have proper record keeping and systems and controls, and a good accountant, but these are necessities for all barristers whether they have incorporated or not.
What advice would you give other lawyers considering setting up a BSB-regulated entity?
- Give yourself plenty of time to navigate the application process (at least three months)
- The BSB were very helpful, but there is a fair amount of paperwork to complete
- You also need to ensure that you will be able to mitigate the potential risks you may face as an entity - especially if you are planning to deal directly with the public
- Finally, get a good accountant who understands limited companies, and who can complete your personal and your limited company tax return