The Solicitors Regulation Authority (SRA) has received just six responses to a second consultation looking at relaxing controversial conflicts rules and potentially allowing firms to act for two or more clients on the same transaction.

The body had been due to publish draft guidelines on the relaxation of rules three and four of the Solicitor's Code of Conduct last autumn, but pushed this back due to the arrival of its new, more City-focused board in January.

However, with the last consultation receiving just 38 responses and Network Rail the only in-house legal team to take part, the SRA launched a second consultation on 18 December, rather than pushing ahead with issuing the guidance.

The consultation is scheduled to close at the end of this week (12 February) and despite the poor response rate, the SRA hopes to pick up several more responses before the deadline.

The proposed reforms would make it easier for firms to take on multiple roles in related transactions, potentially allowing firms to act for both parties on a corporate transaction with client permission.

The rules cover conflicts of interest and duties of confidentiality and disclosure, with the controversial proposal allowing "firms to act for sophisticated clients in any situation, excluding litigation, where there is a conflict between them", provided clients consent.

Many City firms are in favour of the plans, however, which proponents argue are more likely to be used to manage conflicts in areas such as capital markets, structured finance, restructuring and corporate auctions.