The Law Society has announced it will be teaming up with Riliance, a company who offer support on outcomes-focused regulation (OFR).
This is the first time the Law Society has invested in a firm rather than formed a commercial partnership.
The deal will allow Riliance to strengthen its Risk and Compliance Service and Lexcel practice management standard.
Riliance offers an online support tool for compliance officers which delivers a series of workflow practices to ensure compliance with OFR.
Law Society Chief Executive, Desmond Hudson, said: “From January 2013 the responsibilities of COLPs and COFAs, under OFR, will take full effect.
“While some solicitors firms have developed bespoke support tools, not all firms will have resources to do this on their own.
“The Riliance online support product has been developed by experienced solicitors, with considerable expertise in compliance.
"It has already proven to be an effective tool, with good feedback from customers.”
Mr Hudson hopes the Law Society investement will help will enable Riliance to develop their products and services more rapidly developing greater value to members.
He said there would be a demonstrable difference in price for Lexcel accredited and members of the Risk and Compliance Service.
