SRA Regulatory Compliance

The SRA Handbook
has now been replaced by the SRA
Standards and Regulations.
Time to review your compliance arrangements!

The SRA introduced a new Standards and Regulations regime on 25th November 2019 which includes two new Codes of Conduct (see SRA Standards and Regulations). Risk identification and risk management are at the core of an effective approach to compliance.  You are required to have effective processes and procedures in place and be in a position to demonstrate that you are addressing the requirements and associated legislation. There is a need for transparent systems and a clear audit trail for the SRA to follow. Ongoing monitoring, analysis and assessment of risk facing your business, along with the measures you have put in place to address those risks, should be a fundamental part of the management of your firm.

Legal Compliance Services provides you with a comprehensive compliance service. We identify exactly where your firm requires improvement and then produce bespoke, practical systems and procedures that complement and enhance your existing structures to ensure all requirements of the SRA Standards and Regulations and associated legislation are fully addressed. We give advice on getting the most from the systems and how to best review them. Many of our clients have found that such a comprehensive approach to compliance and risk management has also made them a more attractive proposition to professional indemnity insurers.

All of our consultants are former practicing solicitors and SRA experts on compliance and risk management. They have all provided hands-on compliance solutions to hundreds of law firms of all types and sizes and have worked on the development of SRA regulations. They are therefore ideally qualified to provide you with bespoke advice and compliance systems that are efficient and cost-effective and fully meet the SRA’s requirements.

Whether you are a new law firm or you are looking to improve and consolidate the approach to compliance across your firm, our experts will carry out a comprehensive assessment of the compliance risks facing your firm, covering every area required, including:

  • the obligations of the COLP and COFA
  • client care
  • complaints
  • conflicts of interest
  • business and financial management
  • accounts
  • data protection
  • outsourcing
  • information and communications technology
  • supervision
  • training
  • anti-money laundering
  • fraud prevention
  • Bribery Act requirements
  • investment business
  • regulatory reporting requirements
  • monitoring and review of compliance
  • identifying and assessing what your firm already has in place that is fit for purpose
  • designing all the necessary additional procedures and policies in the areas listed above, tailored to your firm’s particular circumstances, to enable you to comply with confidence

We will report back to you on your firm’s specific requirements and any shortfalls identified. We put you in a position to meet the SRA’s requirements by, amongst other things, where currently not in place or fit for purpose, creating a compliance policy, a risk register and compliance action plan specifically for your firm.

We then practically address all the areas set out above and give advice and assistance to enable you to take a confident approach to compliance in future.

As a new start business, we were delighted to be introduced to LCS. They took the weight off our shoulders in setting up processes to ensure that we are fully compliant with the SRA regulations. It is a pleasure to work with Richard who always makes himself available whenever we need his help and who applies a commercial approach to our business.

Geraint Owen, Director, GO-LAW SOLICITORS

We wanted to ensure our systems, policies and procedures met the requirements of the SRA Handbook and regulatory compliance. Jonathan Fidler conducted a thorough review of our office manual and systems, providing a comprehensive ‘health check’ report outlining where we needed to address any gaps. We found his approach to be informative, practical and tailored to our needs and it is reassuring to know that we are on the right track. We shall continue to work with Legal Compliance Services to ensure our COLP and COFA have the support and guidance needed to understand and meet their responsibilities.

Maria Cox, Practice Manager, WSP Solicitors

All solicitors are concerned about compliance issues. We had a full ‘health check’ carried out by Jonathan Fidler of Legal Compliance Services and were extremely pleased with the efficient, helpful and friendly way he dealt with matters. We have also consulted him on other matters and have always been very appreciative of his professional approach and assistance.

Nigel Barnes, Senior Partner, Barnes & Partners

Learn more about how we can help you ensure you fulfil your compliance obligations on an ongoing basis.