Regardless of the size of the law firm, the same rules apply to all, although proportionality does play a part. As compliance continues to challenge firms due to the complexity and the continued focus of the regulator, with stringent action being taken against those firms and individuals who do not fully comply, it is fundamental that firms understand and adopt an effective approach to risk and compliance.

Whilst some larger firms may have the means to allocate more resources to compliance, with dedicated compliance teams, it can be somewhat more challenging for smaller firms to keep up with the ever-changing compliance landscape. However, even some of the country’s most elite law firms have received sanctions from the SRA for AML and Accounting breaches and their failure in their regulatory obligations.

All firms need to take their responsibility seriously. As a business grows, the level of risk will undoubtedly increase, and it is the firm’s job to know the rules, regulations, and legislation that applies to them and ensure they are being followed.

 

Protecting your firm with outsourced compliance solutions

Even if your firm’s COLP, COFA, MLCO or MLRO have the support of in-house compliance teams, the obvious advantage to looking externally from your firm to assist with your regulatory and compliance needs is that you obtain the benefit of the wider experience of your chosen partner.

At The Strategic Partner, we work with law firms of all sizes and structures across England and Wales. Consequently, we have built a tremendous amount of practical experience in all facets of law firm management and regulation that you can access and benefit from. We will work in tandem with you as part of your team, ensuring your firm has a robust regulation and compliance strategy that brings you peace of mind enabling you to focus on other areas of your firm that are key and important.

Our knowledge and experience are accessible to all of our members and those who acquire our compliance and regulation services. We also have access to leading compliance industry experts, and we can assist you in any situation.

 

Risk regulation and compliance, including AML

Having external expert support will enhance your internal strategies for firms with an internal team or person allocated to managing regulation and compliance.

Our Risk, Regulation and Compliance Service, including AML, is essential for law firms to build a compliant environment that recognises and manages risk.

This service delivers, to law firms, a bespoke suite of policies and procedures, checklists, registers, training, auditing, and reporting and has been tailored to meet the needs of firms of all sizes. With a starting price that is affordable for the smallest of firms and bespoke pricing for larger entities, we will work with you to ensure your law firm meets its various regulatory requirements. Our fixed price service includes

  • Production of bespoke and necessary policies to maintain a compliant firm
  • An annual firm-wide risk assessment, which meets the AML requirements
  • Compliance, Regulation and AML training for all staff
  • Implementation of necessary notification forms and registers
  • Various checklists to ensure compliance with the requirements of the firm
  • An annual audit and report
  • Advice Helpline
  • News and Updates
  • Ongoing updates to policies and procedures

 

Our solutions are cost-effective and provide firms with the necessary solutions to comply with the:

  • Codes of Conduct.
  • SRA Accounts Rules.
  • Regulations including AML.
  • Other legalisation that affects law firms.

 

These are comprehensive packages set at affordable prices for all firms.

You can view our compliance services by clicking on the links below

 

 

 

 

For more information about our Risk, Regulation & Compliance Services, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.

You can view and download the PDF version of this blog here.

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