Posted by Raj Chavda, a senior associate at Legal Futures Associate O’ConnorsThe Legal Services Consumer Panel has renewed its call for a single regulator to replace the eight approved regulators currently governing legal services in England and Wales. For those of us who advise law firms and legal professionals on regulatory compliance and corporate strategy, this may not remain an abstract policy debate anymore. Its answer is not reform of the existing architecture but replacement of the system with a single, independent, risk-based regulator for all legal services in England and Wales. Practical takeaways for law firms and legal practitionersGovernance and risk frameworks will face sharper scrutiny now. The Ofcom precedent cited by the panel is instructive: from green paper to operational regulator in five years.