14 months since the
introduction of outcomes focused regulation (OFR) and now we embark on
yet another year of change for the legal sector with the introduction of
the COLP and COFA roles. So are you ready to start the new year with a robust and comprehensive compliance framework?
In my travels over the
past year, I have encountered many views on these changes (positive and
otherwise), together with some myths(!), which I thought I would share;
"We have Lexcel accreditation so we don't have to worry about being compliant"
Whilst
it certainly helps to have a consistent standard of practice
management, the Lexcel Quality Mark does not deal with all the aspects
of OFR.
"The COLP and COFA roles are just another title"
Whilst
compliance with the SRA regulations is the responsibility of everyone
in a law firm, the responsibility for ensuring there are good compliance
arrangements in place, and regular monitoring of them, are clearly that
of the COLP/COFA
"We already have policies in place so we are sorted"
That
is good news. However, when did you last review them? Are they still
relevant since the introduction of OFR? Does everyone know where they
can access them, are familiar with their contents and how they relate to
them and their role?
"The SRA are too busy with all their own changes to monitor compliance in law firms"
The
SRA have certainly had some internal issues, particularly with mySRA
since the introduction of the new compliance framework, but seriously
does anyone want to rely on that thought!
"I haven't got time to deal with all the changes and carry out my fee earning work"
A
common view - there is no doubt about the importance of looking after
the clients and ensuring that the practice maintains financially stable.
It can be difficult juggling management and fee earning but once you
have good compliance arrangements in place and these are embedded within
the practice, they should become second nature. Remember, if you are a
COLP or COFA you may not be able to delegate your responsibilities, but
you can delegate some of the work if you need help.
So time to get out those
risk registers and compliance plans give them an overhaul and check you
are ready to face the new regulatory world.
Happy New Year all
Lorraine
