The Solicitors Regulation Authority (SRA) has confirmed changes to how it levies financial penalties to law firms and solicitors.

The reforms - which will come into effect later in the year - will see:

- The introduction of a fixed-penalty regime for lower-level misconduct.

- Future fines for both firms and individuals linked directly to bandings based on percentages of income/turnover.

- A pilot on the use of personal impact statements for cases inv...