Lawyer-client privilege will always be with us, of course, and there are reasons for that. However, as you mentioned, law societies are considering how they could impose internal regulations on their members, especially by following their code of conduct.
One distinction needs to be made. You can go along with something, but you can also do more than go along with it when you see it in terms of integrity and ethics. We have codes of ethics precisely because the objective is more than simply to comply with the law. We have to see this a little more in ethical terms.