Law Firm Compliance and Regulation Service
The Strategic partner works with law
firms to create, manage and maintain a compliant environment.
Whether you choose to acquire our
compliance service and/or our compliance administration service or you require adhoc advice we have the
knowledge and experience to work with you and your firm
For more information on our own
services as an outsource partner for compliance please click here for:
Our Compliance Service Brochure
administration service brochure
Compliance in law firms - our top tips - part 1
Amendments to the money laundering regulations
Guide to maintaining a compliant law firm
Our service is priced at £2,500 per annum for non members and £2,200 for members (payable per quarterly).
All prices are subject to VAT.
Our Regulation and Compliance Service
Our regulation and compliance service has been designed to interact with you on an ongoing basis to manage all
aspects of risk and control within your firm and ensure best practice is adopted firm wide.
Our service includes, but not limited to: -
Risk identification and risk management are at the core of an effective approach to compliance. Law
firms are required to have effective processes and procedures in place to address the requirements
set out in the SRA Handbook and associated legislation.
Whether you are a new law firm or you are looking to improve and consolidate the approach to
compliance across your firm, we can carry out a comprehensive risk management assessment, report
back to you on your firm's specific requirements and shortfalls identified and address these by
creating bespoke systems, policies and procedures for you. Our experts will give advice and
assistance and enable you to take a confident approach to compliance in future.
Compliance officers everywhere are feeling the pressure when in addition to their fee earning and
other day-to-day duties, they have to spend a significant amount of time planning and implementing
compliance, managing risks and devising ways of being able to demonstrate this to the regulator. It
makes sense to outsource compliance duties to our team of experts who provide an ongoing compliance
service, ensuring you keep pace with the demands of the continuously changing regulatory
This support can be tailored to meet your specific needs and can include regular days spent on-site
at your offices with a view to keeping your compliance systems under review and adapting them to
meet regulatory requirements and undertaking file reviews as well as having expert guidance
available by phone and email as and when required to address ad-hoc queries.
Our experts regularly assist COFAs by performing a series of control checks on firm's accounting
systems, including the authorisation of transactions, client and office reconciliation controls and
aged balances and client matter balances. They carry out file and ledger reviews targeting high-risk
areas, providing you with the assurance such independent expert scrutiny brings to a task which is
an essential part of the COFA's compliance regime. They give advice on any remedial action
identified as necessary and detailed feedback to the COFA. They also provide email and telephone
support to the COFA and other accounts staff as and when required.
In short, they work with you to ensure inadequate accounts systems and controls do not lead to
financial difficulty and failure.
File reviews will reveal the extent to which fee earners comply with key requirements such as
anti-money laundering checks, client and matter risk assessments, conflict checks, scoping the
retainer, the provision of costs and client care information to clients.
However, finding the time and making sure the expertise is on hand to undertake thorough and regular
file reviews is difficult. More and more firms are now outsourcing this essential work.
Our experts undertake file reviews for a variety of firms, from sole practitioners and high street
firms through to city firms and large multinationals and have also helped a number of firms make
their own internal file review systems more effective.
From the initial stages of drafting your business plan and financial projections and obtaining your
PI insurance through the completion of the SRA's application forms and supporting documentation, our
experts are happy to liaise with the SRA's Authorisation team on your behalf and assist you with
follow up questions and requests from your Authorisation Officer.
Our experts carry out a comprehensive on-site cyber crime and fraud risk assessment that looks at all
of the systems and processes in place across your firm, report back to you on possible weaknesses
identified and offer you practical solutions. Cyber crime and fraud prevention training can be
tailored to your requirements and delivered at your offices. You will also receive a bespoke cyber
crime and fraud prevention policy to give everyone in the firm practical advice to pre-empt breaches
as well as a bespoke cyber attack / fraud incident management plan to help you in the event of a
successful attack to minimise damage and bring about the best possible result in rectifying it.
Our experts deliver bespoke training sessions tailored to your requirements in all areas of
compliance. This can be in the form of a seminar, a lecture, a workshop or one-to-one coaching.
Quality standards such as Lexcel, Conveyancing Quality Scheme (CQS), the Wills and Inheritance
Quality Scheme (WIQS) or the Specialist Quality Mark (SQM) are becoming increasingly important to
demonstrate a level of credibility and quality assurance. Lexcel or SQM accreditation is mandatory
for any firm undertaking working under an LAA contract. Most lenders are making CQS membership a
pre-requisite for panel application.
Our experts support firms to achieve or retain membership/accreditation to these quality schemes and
can also conduct mock audits to assess your current systems, policies and procedures and help you
with any corrective action required.
The ban on referral fees introduced by the Legal Aid, Sentencing and Punishment of Offenders Act 2012
(LASPO) has dealt a savage blow to personal injury firms. At the same time, it has brought a great
deal of confusion and concern. Our experts work with personal injury firms on how to deal with the
compliance challenges imposed by LASPO and assist with the structuring of commercial business
relationships with third parties to prevent the firm falling foul of the provisions of LASPO.
Anti-Money Laundering should form an integral part of a firm's approach to risk management and
compliance. A number of firms, however, have significant weaknesses in this area which could have
potentially disastrous consequences. When looking at your firm's approach to anti-money laundering,
it is useful to also consider whether you have adequate procedures and staff have been trained on
the requirements of the Bribery Act 2010. We assist firms in Anti-Money Laundering and Bribery Act
compliance, including reviewing and drafting policies and procedures to assist with monitoring and
evidencing compliance, as well as complying with requirements for staff training.
Are you concerned about how to respond to an SRA request for information, prepare for an audit or
handle an investigation? Through our Partners we can guide you in all aspects of your interaction
with the SRA. As former SRA compliance experts, our experts know how to interact effectively with
the regulator and will help you prepare and respond in the best possible way.
Whether you are contemplating a full-scale merger with another law firm, or taking over all or part
of another firm, lack of proper forward planning, particularly in relation to risk, can lead to
problems which far outweigh the benefits. Our experts work with the acquiring firm to test
regulatory compliance at the target firm, with particular focus on financial stability together with
a wide range of pre-merger duties to ensure that the merged firm has addressed the range of
compliance risks posed by the merger and is best placed to operate in a consistent and efficient
If you are actively seeking to merge, acquire or sell, our members can discretely advertise this
through our website.
When it comes to the closure of a law firm, there are numerous risks to consider, in particular:
failure to meet regulatory requirements leading to disciplinary action; claims for loss of
documents, breach of confidentiality or negligence and complaints of poor service to the Legal
Ombudsman. All of these are likely to be costly and time-consuming to deal with and may affect your
ability to practice in the future. Regulatory breaches can lead to fines and/or restrictions on your
ability to practice and in very serious cases striking off. Our experts work with law firms to
address the risks associated with a closure of a firm.
Through both our direct services and through our Partner firms, we can deliver a whole range of regulation,
compliance, risk management support and business services.
Through working with you, we will provide your law firm regulatory compliant advice as well as help you implement a
detailed regulation and compliance programme ensuring that your firm and your staff are fully aware of the
obligations to comply with the various rules required to be followed at a law firm.
We also offer an ongoing maintenance programming involving audits and onsite training to ensure that your firm is up
to date and remains compliant at all times.
For more information about our Regulation and Compliance service you can call us on 0203 911
9710 or you can email us at firstname.lastname@example.org.
For more information please click here.