Christopher Hales was found guilty of professional misconduct over property deals linked to MP Michelle Thomson.
She was elected an SNP MP but withdrew the party whip after the case emerged.
The Law Society found that claims staff might have deliberately halted progressing the case until after the election were "completely unfounded".
Mr Hales had carried out work for M&F Property Solutions, a firm businesswoman Ms Thomson was a partner of.
Following a hearing in May 2014, the Scottish Solicitors' Discipline Tribunal said Mr Hales failed to provide mortgage companies with key information used to prevent fraud and must have been aware that there was a possibility he was facilitating mortgage fraud, whether or not it occurred.
The deals he was investigated for had been carried out on behalf of M&F Property Solutions, a firm businesswoman Ms Thomson was a partner of.
She remains an MP at Westminster and has strenuously denied she did anything wrong.
After the link between Mr Hales and Ms Thomson came to light, the Law Society undertook a review of its handling of the case.
It concluded that;
Christine McLintock, president of the Law Society, said: "We took swift action after identifying the issues at Christopher Hales' firm in 2011, which included rapidly suspending Mr Hales from practice and making a suspicious activity report. Following our investigation we prosecuted him before the the Scottish Solicitors' Discipline Tribunal (SSDT) , which resulted in him being struck off.
"We said we would examine the issues raised as a result of this case to determine what lessons could be learned.
"We have now identified where operational improvements can be made and are taking these forward in conjunction with other organisations.
"This work will be overseen by the Society's Regulatory Committee, which comprises both solicitors and non-solicitors."

Firefighters took more than three hours to douse the blaze in Balaghat district on Wednesday evening.
Senior local official Bharat Yadav said the exact cause of fire was not known, but suspected that "someone might have thrown a burning beedi (cigarette)".
Accidental explosions are common at Indian fireworks factories.
Mr Yadav told PTI news agency that the rescue operation was over, and nobody was trapped inside the factory.
"Of the seven injured, five have been rushed to Nagpur [in Maharashtra] for treatment, while two are being treated at a hospital in the district," he said.
Chief Minister Shivraj Singh Chouhan has announced a compensation of 200,000 rupees (Â£2,396; $3,104) to each the families of each victim. He said the government would also pay for the medical expenses of the injured.

During July - the first full month after the Brexit vote - 60,912 new mortgages were approved.
That was down from 64,152 approvals in June, and was the lowest total since January 2015.
The total amount lent out for house purchases was £10.4bn, down from £11.1bn in June.
The figures also show a 12.4% drop in the number of mortgage approvals on the same month a year ago.
The number of approvals has been falling steadily since March, when there was a rush to buy ahead of tax changes.
"Mortgage approvals for house purchases have progressively slowed after being buoyed in the first quarter by buy-to-let and second home sectors rushing to beat April's Stamp Duty increase for these sectors," said Howard Archer, chief UK and European economist at IHS Global Insight.
"It is also highly possible that mortgage activity was hit in July by heightened uncertainty following June's vote for Brexit."
The Bank of England figures also show that growth in the amount being borrowed by consumers on credit cards and other loans eased off in July.
UK residents borrowed an extra £1.2bn during the month - down from £1.9bn in June, and 17% less than in July 2015.
This is the first time that growth in unsecured consumer credit has slowed since December 2014.
However, credit card lending by itself rose by £0.5bn in July to a record of £65.5bn.
"We remain concerned that while most households will be able to handle this extra borrowing, a minority of households could find themselves exposed to financial difficulty," said Joanna Elson, chief executive of the Money Advice Trust.
Where can I afford to live?
A review into the handling of a case involving a solicitor who was struck off has found no wrongdoing by Law Society of Scotland staff.
[NEXT_CONCEPT]
At least 23 people have died and seven others were injured in a massive explosion at a fireworks factory in the central Indian state of Madhya Pradesh.
[NEXT_CONCEPT]
The number of mortgages being approved by banks and building societies is at its lowest for a year and a half, according to Bank of England figures.