Do you keep track of how much time you spend on compliance related tasks?

Do you keep track of how much time you spend on compliance related tasks?

October is a time for setting budgets for many law firms to ensure that they are equipped for the opportunities and challenges the next year will inevitably bring.

Compliance requirements are an increasing burden for law firms, and with a tidal change in the last 12 months from the threat of cybercrime, many legal practices are looking externally for additional help and support.

So with that increased burden comes increased costs – right? Not necessarily.

A Midlands law firm tracked the hours Legal Eye worked for one month and compared the results to the time taken by their internal resource. They found that the partner (COLP) responsible for managing compliance tasks, was losing a staggering £6,195 a month in fee income due to the time investment required in managing regulatory requirements of the firm. Instructing Legal Eye achieved an immediate saving for the firm, as well as streamlining their compliance procedures, without any disruption to the business.

So what are you budgeting for next year? The same areas as previous years? Or are you investing for the future?

Quality standards such as CQS are crucial to solicitors conducting conveyancing. They demonstrate to customers your commitment to quality, and from a business perspective, you cannot afford to lose them.

For conveyancing firms, one way of “recession proofing” your business is to build up the wills and probate department. With the advent of Purple Bricks and other online estate agents, the traditional 25% of conveyancing coming from local estate agents is a threat to the high street law firm, as much as it is to their agents. Probate sales are always well received by local estate agents and are a form of reciprocation which law firms can offer to their local introducers. Whilst WIQS hasn’t had the impact of CQS, and is unlikely to do so, it can be used to demonstrate to potential clients that you are offering a quality standard above that of other local firms.

Recently, law firms have started to experience a new competitor in the form of accountants. The ICAEW has now licensed over 250 accountants to conduct probate work, and predict many more to come. Law firms need to compete against this new threat to business.

So our message is, if you haven’t recently reviewed your compliance requirements, consider that now is the time to do so.

Legal Eye provide a spectrum of support services to all law firms, from gap analysis to identify where you are now, to fully outsourced compliance support. For a free, no obligation document compliance check, call Rhonda on 07702 074461 or email [email protected]

This article was submitted to be published by Legal Eye as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

Legal Eye

https://www.legal-eye.co.uk/

 

 

 

 

 

Legal Eye works with law firms to ensure compliance and optimise performance. Their extensive and thorough knowledge of the law and regulations will ensure your law firm is compliant and your processes sound. Files are audited to ensure you are not only complying with the service level agreements you have in place, but very importantly, also the code of conduct.

They provide a documented audit trail which is firstly, a requirement of the code of conduct and secondly, essential for PI Insurance purposes and very often for CQS, Lexcel and other quality accreditations. This provides documented evidence of a proactive approach towards risk management. The advice they offer is clear and practical, and they pride themselves on exceptional customer service and unbeatable work quality.

Services include:

  • Specialist expertise across the full range of regulatory, risk and compliance issues to inform your internal decision making.
  • Additional qualified resource where you simply do not have the time to review your regulatory position or to carry out essential ongoing tasks such as file reviews.
  • An online risk hub –  an online resource centre for law firms. The hub provides a comprehensive bank of resources to help COLPs, COFAs, partners, directors and managers to manage risk. It includes precedent policy and procedure documents and templates, access to online training on a range of risk and compliance topics, and a range of useful materials such as ‘how to’ guides, short videos and articles.
  • Drafting and review of key policies and procedures including the supply of ‘document packs’ to save you time researching and writing documentation.
  • Expert advice on how to comply with up-to-date regulation including the very latest requirements complete with a written set of recommendations.
  • Specialist outsourced complaints  handling service provided by former SRA and LeO officers.
  • Gap analysis of your firm’s policies, processes and procedures as they relate to the Solicitors Accounts Rules (SAR) including the production of a written report summarising the strengths and weaknesses of the current arrangements and detailing recommended next steps and actions to put your firm in an even stronger position.
  • Training on SAR and on anti money laundering (AML) as well as other finance-related training which can be delivered virtually for your firm, face-to-face (subject to government guidance) or online via Legal Eye’s Training Academy.
  • A Standard Procedures Manual to provide a practical and comprehensive roadmap for firms to follow when looking to double check whether the current operating procedures are fit for purpose, setting up a new firm – or arm of a firm – or starting a new finance function from scratch.
  • Experienced advice and support for one-off projects such as achieving quality accreditations or switching regulators.
  • Proven high quality training for fee earners and staff held at your office/s covering essential risk topics such as  Anti Money Laundering, data  protection, cybercrime, conflict of  interest and more.
  • Online training from The Legal Eye Academy – core modules available to all staff at their convenience. Includes built-in auto reminder functionality so that you no longer have to chase staff indi-vidually to complete important training. Your package includes free updates to ensure knowledge is always up to date.
  • Added value updates by email to all your key people covering all the latest updates on risk and compliance.
  • The Legal Eye team includes former solicitors, partners and directors in law firms; former case handlers at regulators such as the Solicitors Regulation Authority and the Legal Ombudsman and experienced risk and compliance professionals.

Contact: Paul Saunder

Tel: 0203 0512 049

Email:  [email protected]

Address
The Old Grammar School
Church Road
Thame
Oxfordshire
OX9 3AJ

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