Compliance in Law Firms our Top Tips – Part 1
How to ensure your law firm is compliant
With new SRA Standards & Regulations now in force, and the SRA demanding AML compliance declarations, it has never been more vital for Law Firms to review their compliance procedures and to ensure that a compliant environment has been created.
The Strategic Partner works with firms and their compliance officers providing them with the ability to engage with our services to ensure they fulfil their regulatory and risk management requirements, allowing them to focus more of their time on servicing their clients, managing fees and the firm generally.
What do law firms need to do? - In part 1 of our guidance for compliance article, we provide some general tips of running a compliant law firm:
- Understand the codes of conduct, solicitors accounts rules and other legislation that affects the management of a law firm (for example Money Laundering regulation and bribery act). Where firms can get caught out is in the requirements that are not immediately obvious so ensure you have a detailed knowledge of what your requirements are
- Have policies and procedures that meet the regulatory standards and are proportionate
- Ensure your staff are trained on your policies and procedures
- Audit and review application of your policies and procedures at both staff and case level. They have to be implemented and used or you are at risk
- Provide an easy and effective solution for staff to access the compliance officers
Come back for part 2, where we will be concluding our general compliance tips for law firms.
Are you a firm where your COLP, COFA, MLCO are both fee earners and compliance officers?
Our compliance and compliance administration services provide firms with a robust approach to Regulations, Compliance and risk management giving the compliance officers peace of mind that the requirements of the regulator are being met on an ongoing basis and can be evidenced.
It is an important aspect of both the codes of conduct and the Money Laundering regulations that all firms not only have policies in place to manage the firm but also:
- Policies are reviewed and updated.
- There is full implementation of all policies.
- Processes are audited to ensure they are working and being followed
- There is ongoing monitoring and maintenance of registers to record activity.
- Staff are trained regularly and kept up to date with changes in the regulatory platform on an ongoing basis.
The Strategic Partner Compliance service addresses each of these areas and more.
For full details of our compliance service, please download our
compliance service brochure or visit the
compliance and regulation service page to see exactly what we do for firms and how.
Our focus is to ensure each firm that works with us operated in a fully compliant environment and stays there. Through achieving this the compliance officers in the business can be assured and confident that their obligations are being met enabling them to focus on other areas of the firm.
With pricing starting from £185 per month to achieve a compliant environment the cost effectiveness of this solution should be clear to see.
For more information about how TSP can work with you you can: