Regulatory Compliance – The Detail

There are plenty of offerings out there for “off the shelf”  regulatory compliance documents or IT systems. However, there is a real danger with these as each legal business is different and does things in a different way. With this type of service, you will need to invest time in adapting the documents to match your business otherwise you could end up with the SRA accusing you of “unthinking compliance” to use their phrase. Therefore, what seems like a cost effective option transpires not to be once you have factored in your precious time – which frankly you know would be better off spent fee earning or managing your business.

Regulatory compliance - go Beyond ComplianceFor this very reason and as a matter of professional ethics, we will not provide “off the shelf” solutions. We will help you develop your own framework for regulatory compliance which matches your business needs and leaves you with the minimum of work necessary so you can focus on what’s important – your clients and your business.

We have the skill, experience and knowledge to get the necessary information from your COLP and COFA and other key personnel quickly and painlessly and put this into a personalised package that will make you SRA compliant. If you want to go further, we can also help to obtain Lexcel, CQS or any other type of relevant accreditation and maximise your business opportunities – and therefore profits!

 What does it involve?

Our services truly are bespoke so we will work with you to provide the solution best matched to your business needs, style and personality.

Whether you need:

  • One or twenty policies/procedures drafting
  •  An entire compliance manual/plan
  •  Staff training
  •  Straightforward guidance on what policies are needed
  •  A regular reliable compliance update/monitor on the latest provisions

We will work with you to deliver exactly the service you want – and beyond! So let us take the pain out of compliance for you.

 Cost

Given that these services are bespoke, it’s not possible to put a cost on it but once the parameters of the project are agreed, a fixed fee will be set. And we guarantee that it will be more cost effective than your hourly rate if you were to do it yourself!

If you were to spend 20 hours each month* on compliance matters and your hourly rate is £175 per hour this equates to £3,500 per month.

*We would estimate that this time allocation would be a fair assumption for a small 1-5 partner firm.

 Case Study

A two partner firm with 7 fee earners in one office felt it not cost effective for one of the partners to spend a substantial amount of time developing a compliance manual to bring the firm’s policies and procedures in line with the Code of Conduct 2011 and OFR. This decision was also made as neither partner felt that they had the up to date knowledge or expertise in compliance.

 The Result

An entire compliance manual and all the necessary policies, procedures, processes and documents were either updated or created for at a total cost of £2,000.

This would have probably taken the partners around 40 hours to develop by themselves at a cost of around £7,000 worth of fee earning and management time.

 The client said:

Beyond Compliance worked with us to help us to ensure we comply with the multitude of regulations and legislation applying to solicitors, in such  a way as to make it practical for our business. They took the time to really understand what our business was about, what our client’s needs were and who we were as a business. The end result was Practice Management Standards and systems of work which were highly applicable to our business.

Michaela was refreshing to work with as she really listened to what we needed and came up with a solution to match rather than telling us how we should change. This allowed us to continue working our own way with the security of knowing that by doing so, we are complying with all of the necessary regulations.”