Risk and compliance service

In this section:

Consultancy services

The Law Society has established a national consultancy network to provide assistance to firms with client care, compliance and risk issues.

We have incorporated these consultancy services into the new Risk and Compliance Service, with discounted rates to serve the needs of an even wider range of firms.

These services include:

  • Outcomes-focussed regulation (OFR) – comprehensive support packages tailored to your firm's needs. The consultancy will help you comply with requirements to ensure that all your staff our aware of changes within the regulatory environment and the practical implications of the code and handbook on a day-to-day basis.
  • Client care – Tailored face-to-face consultancy that will help your firm embed an effective client care culture across your firm. The consultancy can also help with the establishment of effective firm supervision, the management of costs and billing across your practice and with client feedback mechanisms.
  • Effective complaints handling – Our consultancy service will help your firm develop an effective internal complaints handling process and culture that will minimise the risk of costly complaints arising. If you are receiving complaints we can also provide expert guidance on how to deal with them and the complaints handling body in the most cost effective way.
  • Annual risk assessment and compliance audits – Our service can offer expert advice and guidance in the effective management of strategic, operational and regulatory risk across your business. By ensuring that your systemic controls are effective and up to date you can be assured that your firm is fit to deliver high quality client services and assure your professional indemnity insurer that you have effective risk and compliance mechanisms in place.
  • Pre-SRA visit guidance and support – Visits from the Practice Standards Unit of the SRA can be a concern to many firms. Our consultants can help you understand what to expect and audit you against the common areas of non compliance. The service will provide you with an action plan for tackling any identified areas of concern before you receive the regulator's visit.
  • Lexcel Gap Analysis – Our bespoke face-to-face consultancy helps firms assess the closeness of your compliance with the Lexcel standard. This will help identify resources and development paths whether you wish to gain full Lexcel accreditation or work towards a specific risk and compliance element of the standard, if that is your goal.
  • Anti money-laundering – Benefit from face-to-face advice on the latest AML compliance issues, and access the training, events and support available.

Using the service

Are you interested in using a consultant but not sure how to get the most from the service? The approach below describes our proven approach for the best results:

1.Consider your concerns

What would you like assistance in addressing? Common topics include:

  • Regulatory implications of the Legal Services Act 2007
  • Multi-disciplinary practices and alternative business structures
  • The Code of Conduct / The Solicitor's Handbook 2011
  • SRA visits
  • Anti-money laundering
  • Professional Indemnity Insurance (PII)
  • Client care/complaints handling

2.Review your current processes

How do you currently handle areas of risk and compliance? You may find it helpful to ask yourself the following questions:

  • Are you aware of the implications that OFR, the Code and Handbook will have on your firm?
  • Do you have (or suspect you have) problems with client care and complaints handling?
  • Is your professional indemnity insurance premium high or have you had difficulty securing PII insurance?
  • Are you concerned that you might need help in establishing and managing sound risk management practices?
  • Do you need help in learning how to document and demonstrate risk and compliance measures to insurers, investors, or regulators?
  • Would creative solutions to managing risk help your firm save money now and in future?
  • Do you know what to do if you become subject to an SRA investigation?
  • Have you established procedures and processes to help you respond to various risk-based situations?
  • Have you set out policies about what actions to take if your business encounters a problem?

3.Get results

After your initial contact with the Risk and Compliance Manager, the image below demonstrates what happens during the four stages of the consultation process.

Consultancy service process diagram

1. Consultant visits and interviews relevant staff
2. Consulting and/or training approach is tailored to your firm's needs
3. Consultant delivers bespoke consultancy and/or training over the course of required days/weeks
4. Built in reassessments 3, 6 and/or 12 months from initial engagement.

For further information about the services available see our associate consultants page or email us at riskandcompliance@lawsociety.org.uk

 

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