Compliance Archives - The Strategic Partner

The Compliance Partner – November 2023

Introduction: Maintaining up-to-date knowledge and adherence to regulatory changes is crucial for the seamless operation of your practice. In this edition, designed to provide you with useful updates, insights, and resources, we cover various significant topics such as: Legal Ombudsman [...]

Another Firm Fined for Compliant Risk Assessment and AML Failures

1. Introduction: SRA Fines Firm £3,800 Plus Costs With the regulator considering  automatic fines for money laundering regulation failures and their updated approach to issuing financial penalties for proven misconduct, a recently published decision by the Solicitors Regulation Authority (SRA) [...]

Legal Ombudsman Warns Firms to Be Clear On Pricing In Revised Guidance

1. Introduction: Legal Ombudsman highlights importance of transparency pricing information. The Legal Ombudsman (LeO) has recently updated its guidance for lawyers, highlighting the importance of transparent communication regarding ongoing costs. The renewed focus is in response to a significant number [...]

Thousands of Firms Still Failing to Fully Comply With Transparency Rules

1. Introduction: Firms Still Failing to Meet Transparency Requirements The transparency regime, initiated by The Solicitors Regulation Authority in 2019, aimed to enhance openness in the legal sector by requiring firms to disclose specific information. However, according to a recent [...]

The Compliance Partner – September 2023

Introduction: Maintaining up-to-date knowledge and adherence to regulatory changes is crucial for the seamless operation of your practice. In this edition, designed to provide you with useful updates, insights, and resources, we cover various significant topics such as: Sanctions on [...]

Insights From the SRA 2021/2022 Corporate Report: Upholding Professional Standards

1. Introduction The Solicitors Regulation Authority (SRA) is the largest regulator of legal services in England and Wales, covering around 90% of the regulated market. They oversee more than 220,000 solicitors and around 9,500 law firms. Recently, the SRA published [...]

Learning from a Recent Case: AML Breach by Leading City Law Firm

1. Introduction A leading firm is to face the Solicitors Disciplinary Tribunal (SDT) as a result of allegations of breaching money laundering regulations. 2. Clyde & Co. at the Solicitors Disciplinary Tribunal It is the second time that leading city [...]

Favourable PII Premiums

More Favourable PII Premiums Could Be on The Way- But Firms Should Act Now 1. Introduction Law firms that are planning to renew their Professional Indemnity Insurance (PII) this Autumn may experience premium increases that are more closely [...]

Account Rules – SRA Raises Concerns

1. Introduction The Solicitors Regulation Authority recently expressed concerns over the increasing number of firms failing to meet their obligations under the Account Rules. In particular, it is felt that some firms are failing to meet the requirements under two [...]

How long should a firm retain client matter files?

1. Introduction A robust records management strategy is crucial for law firms due to the volume of sensitive documents they handle, such as agreements, instructions, and case notes. Effective and compliant document management also includes limitation periods on how long [...]

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Compliance

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