The Bar Standards Board (BSB) is in the final stages of drawing up plans to regulate barristers, in preparation for the next round of reforms under the Legal Services Act (LSA).

The BSB is planning to lift a ban in its code of conduct that would prevent barristers from becoming managers alongside solicitors within Legal Disciplinary Partnerships (LDPs), when they come into force in March 2009.

Proposals from the Bar will leave entity-based regulation to the Solicitors Regulation Authority (SRA), with the BSB opting to monitor barristers only on an individual basis.

The organisation has also struck a deal with the SRA that will give those barristers working within an LDP cover under the Solicitors Compensation Fund – rather than setting up a client compensation fund of its own.

The 'cab rank' principle, which requires barristers to accept cases brought to them, will not apply to LDPs due to conflicts rules but will still apply in sets of Chambers.

The proposals, which are being consulted on by the profession until March 2009, will come into effect by summer 2009, providing there is no strong opposition.

The consultation comes after an earlier review of the issue in February this year. Meanwhile, a separate consultation on the next phase of the LSA – Alternative Business Structures, which are likely to come into force by 2011 – is expected to follow.

The SRA has confirmed plans to have its accreditation scheme in place to rubber stamp LDPs as soon as regulations allow in March 2009.