Most firms don’t have the luxury of a dedicated compliance team, meaning that their most profitable lawyers risk becoming overloaded with non-chargeable COLP and COFA duties.
The SRA will not all you to outsource the responsibility and the accountably of the COLP and COFA, nor will they let you appoint an external Compliance Officer.
However, it makes perfect sense for you to outsource the majority of the compliance tasks, leaving you free to run your business effectively without having to recruit a deputy COLP and COFA and outsourced compliance service will significantly reduce that compliance burden.
It makes good commercial sense to invest in compliance. If you aren’t tied up in systems and procedures then you are free to generate more fees, deliver excellent services and run your business effectively.
At the other end of the spectrum, those firms who have found themselves on the SRA’s radar will recognise the financial and reputational damage that can be caused by regulatory investigation.
Compliance will continue to be the ongoing cost of doing business in the profession, whether that comes in the form of lost fee earning time, recruiting compliance specialists or getting external help and support.
The roles of the Compliance Officers for Legal Practice (COLPs) and for Finance and Administration (COFAs) are an integral part of the move to outcomes-focused regulation and key to our aim that firms will take responsibility for managing risks to their delivery of legal services.
we’re not like any other Lexcel consultancy out there. We won’t try and persuade you to ‘get’ Lexcel by making misleading and unsubstantiated claims about PII reductions or safety from the SRA.