The Solicitors Regulation Authority (SRA) issued new Standards and Regulations on 25 November 2019 which replaced the SRA Handbook and reduced it in length by about two-thirds. It had 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.