The career was taking shape and the 1275 Statute of Westminster imposed penalties on attorneys who have been found to be deceitful, an early sign of regulation.
I think in a couple of quick years, we will return to the suggestions of Clementi and realise that it was an error to create the SRA and ringfence the regulatory features of the Law Society and that there was indeed an inherent need for an institutional separation of the regulatory and consultant functions to ensure that the public are shielded from threat and that there will probably be one more rebalancing of the system during which the LeO might be abolished, as was the OSS, the CCS and the LCS before them.
It can be canceled with out hurting anyone: not the people in the outer boroughs who'll pay for it, however see little or no profit from it