Quality, Risk and Compliance for Law Firms

The Legal Profession is well aware that many aspects of OFR came into effect in October 2011. Other key parts are due to be introduced in January 2013, with others to follow. OFR is causing concern for Firms, and we can offer help and guidance to overcome these concerns, and at the same time deal with many of the key aspects of the new regulatory regime. The non-exhaustive list below highlights questions that have been, and continue to be, asked by Firms.

• What is Risk Based Regulation?
• What will be the CoLP and CoFA responsibilities?
• What responsibilities does everyone else have?
• What are Risk Registers?
• What are Compliance Plans?
• How can I/we measure progress and prove that I/we am/are achieving the mandatory outcomes?
• What impact will OFR requirements have on my/our existing management arrangements?
• How can Albion Legal help me/us to achieve and maintain compliance with OFR?

We can assist to provide answers.

Some of the answers could result in assistance which may include (non—exhaustive list):

• File Reviews
• Complaints and Claims reviews
• Development and/or monitoring of key plans, policies, processes and procedures including office/quality manuals
• Money Laundering Regulation procedures
• Update and awareness training to relevant members of staff on key parts of the Solicitors Code of Conduct and OFR
• The development of Strategic Business and Marketing Plans
• The development, monitoring, and testing of your Business Continuity Plan
• Peripatetic risk and compliance management.

Lexcel

Many Firms see Lexcel as a way of introducing and maintaining compliant systems, and there is evidence to suggest that this is a prudent step. Indeed, the SRA has indicated that firms who have achieved recognised accreditation could enjoy a less intrusive relationship with the SRA.

Lexcel Consultancy is one of Albion's key products, with a team that has conducted more than 700 Lexcel assessment visits to organizations ranging from sole practitioners to major London based International firms.

It is never too late to join the Lexcel journey, and if you think that we can help, contact us.