The Solicitors Regulation Authority (SRA) will be issuing new Standards and Regulations later this year which will replace the SRA Handbook and reduce it in length by about two-thirds. It will have a new reduced set of principles, two separate Codes of Conduct - an individual solicitor code and a firm code - and simplified Account Rules with changes to the definition of client money and client account, and the introduction of third-party managed accounts. The new rules also pave the way to solicitors working outside SRA-regulated entities and on a freelance basis.