If firms were regulated, they would bear responsibility for activities that transcend the work of any individual lawyer, including, for example, advertising, accounting or file management.
A hypothetical situation may be that a firm’s advertising practices could raise ethical concerns. Under the current system, the regulator has to investigate the matter through an individual lawyer within that firm rather than investigate the firm’s practices. If law firms themselves are regulated, the Law Society could directly investigate the firm’s practices and the firm would bear responsibility for its collective conduct.
Law firm regulation would ensure that firms have systems and protocols to flag problems before they affect clients or lead to complaints. The Law Society would not prescribe what those systems or protocols would look like, but would leave it to each firm to devise a system that suits its unique circumstances.