It revealed that 202 firms have become accredited to the CQS, with almost 1,000 applications received since it was launched in January.
Desmond Hudson, chief executive of the Law Society, said that, while the number of firms approved may appear low, the scheme was “never supposed to be a rubber stamping exercise” with firms undergoing rigorous assesment.
He said: “This is not just some marketing gimmick. Quality in relation to CQS means quality rather than simply being a label.”
Hudson added that CQS is backed by insurers and accreditation could soon be a factor when conveyancing firms come to renew their professional indemnity insurance.
“Firms need to ask themselves whether it is worth the risk in not seeking to secure CQS accreditation,” Hudson said.
The Law Society said firms must undertake compulsory training, self reporting, random audits and annual reviews in order to maintain CQS status.
Hudson said: “CQS is clearly on the home buying industry’s radar as a key requirement for conveyancing solicitors.
“Accredited firms have already reported that new clients are checking whether they are a CQS accredited firm and we are seeing a high level of traffic online going to CQS firms via our CQS consumer website. Firms without CQS accreditation could find themselves left behind.”
Goldsmith Williams has become one of the most recent firms to be accredited to the CQS.
Maria Rodman, head of compliance at Goldsmith Williams, said: “We welcome the introduction of the scheme, which will drive standards across the industry, benefiting clients and will rightly give consumers confidence in those recognised law firms.
“Indeed, at a time when all lenders are reviewing their legal panels, CQS accreditation is likely to be mandatory for firms acting for lenders in the future, and we felt it was critical that we achieved it.”
