With so much to focus on, it’s hard enough for legal businesses to keep on top of retaining and securing clients and carrying out your day to day roles; which we all know is ultimately protecting your clients in legal matters.
Self-regulation has changed the game. It is now essential for firms to be more strategic and use your people and processes more to ensure regulatory compliance. Not getting the balance right comes at a cost to your business in monetary terms but also risks you facing disciplinary action – both as a firm and as individuals.
We can help to protect your business in the regulatory landscape allowing you to focus on the core aspects of running your business and keeping your clients happy and protected.
We will work alongside your COLP and COFA giving them the support they surely need in these uncertain times.
What does it involve?
- A detailed review of your policies, procedures and systems against the various regulatory requirements, whether that be the SRA Standards and Regulations, the BSB or CLC Handbooks.
- The review can also be conducted against quality accreditations such as Lexcel, CQS and ISO9001.
- Discussions with compliance team and other key people.
- A comprehensive report and action plan highlighting requirements needed to give you maximum protection.
- To give you a starting point, we will also include some of the most prominent compliance documents drafted specifically for your business.
As soon as we know the type and number of documents and the size of the firm, we will always agree a fixed fee rate with you.
We keep our overheads low so that we can keep our costs down too. If needed, we will work within your budget helping you to prioritise your compliance matters over a period of time.
We guarantee that it will be more cost effective for us to do the work than someone in your firm who can then use the time to earn fees.
A 7-partner firm operating across 4 practice areas from two offices wanted to ensure that they were dealing with compliance in the most effective way. The size of the firm meant that both the COLP and COFA had substantial other responsibilities within the firm. They had previously been stung when using a compliance template which they downloaded which didn’t ultimately meet their needs. Therefore, ensuring that the compliance solution was bespoke and fit for their purpose was an important factor.
A compliance health check took place and the resulting report reassured the firm that they had the majority of requirements in place. Suggestions were made within the report which once adopted actually streamlined many of the systems and processes. An action plan to bring the firm up to date on some of the regulatory requirements has been adopted with the help of Beyond Compliance. On-going bi-annual audits are being carried out as additional assurance.
What the client said:
“Having Michaela’s help in bringing us up to speed on compliance was invaluable and very reassuring. Her objective overview also prompted us to change some of our processes which has made life much easier for our fee earners – and happy fee earners are more profitable! We have also found the on-going auditing work really helpful in keeping us on track.”