Compliance and Risk Management
Awareness and education throughout law firms in relation to compliance and the management of risk is essential. Managing risk and compliance need to be embedded into the culture of law firms and be lived on a daily basis.
In response to increasing requests for compliance advice from clients following the introduction of OFR on 6 October 2011, Damon Swindell of Lawrisk Limited and I provide under the Lawrisk banner a Code of Conduct compliance service to law firms.
Our compliance service covers all aspects of SRA Code of Conduct compliance including:
- Code of Conduct update service emailed to subscribers on a regular basis to keep them in touch with current developments in regulation and the latest practice and guidance
- Financial stability support for law firms to help them monitor and achieve the financial stability outcomes in the Code of Conduct
- Training and support for COLPs and COFAs to help them more effectively carry out their responsibilities
- Compliance plan development, implementation and monitoring to help law firms put in place and manage on an on – going basis the effective systems and controls they now need to achieve and comply with all the Principles, rules and outcomes and other requirements of the SRA Handbook
- Bespoke training for both lawyers and support staff, to enable them not only to become compliant but importantly to be able to demonstrate compliance, now that everyone in a law firm is subject to SRA regulation
- Reviewing effectiveness of compliance procedures, involving initial ‘health check’ reviews and regular update reviews to maintain up to date compliance
- Compliance due diligence on law firm mergers / acquisitions or involving an ABS, which will become increasingly important as consolidation gathers pace.
How much will our compliance service cost?
We design our services to meet the specific compliance needs of our clients, including tailoring our services
- on an ad hoc basis to help a client to deal with specific compliance issues;
- on a fixed monthly retainer basis to provide training and a continuing support programme; or
- on any other basis to best meet the needs of clients
Once we are able to fully understand a client’s compliance needs, we can provide a competitive and value for money quotation.
Help with compliance
If you would like to know more about how we can help you manage more effectively your compliance risks, then please choose your compliance needs in the table below and return to us. We will then arrange to meet with you at your offices to discuss in detail your specific compliance needs.