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Vol 21 No 11 Nov/Dec 2016

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Risk and Compliance for Law Firms in a Changed World


ISBN13: 9781907787591
Published: July 2011
Publisher: Ark Group
Country of Publication: UK
Format: Paperback (127 Pages)
Price: £199.00



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The radical shift to outcomes-focused regulation on the 6th October 2011 will impose a significant increase in the burden of regulatory compliance on all firms which have offices in England and Wales - including their overseas offices.

The full extent of the impact that ABSs will have in the future, great or small, will also only unfold with time. Meanwhile law firms face a variety of other challenges including emerging issues in anti-money laundering compliance, and rising to the challenge of client pressure on costs through outsourcing in various forms and to a variety of jurisdictions.

Risk and Compliance for Law Firms in a Changed World has been written specifically to provide a clear understanding of how these issues can affect your firm, and how to respond to ensure they are managed successfully. Using clear and practical examples the report will guide you you through the distinct requirements of a risk management system, including: Responsibility at senior management level; A framework for managing risk across all parts of the business; Integration of risk management processes into firm culture; Accountability in each practice area and support function; A risk evaluation process; External assessment; and Business continuity planning. Subjects covered include: The new SRA Handbook; The appointment of Compliance Officers under OFR; People and culture issues; Client engagement; Finance; Protecting partner assets; Compliance; File auditing; Managing your insurance; Office systems; Location and premises issues; Professional indemnity insurance; Outsourcing; and much more - Risk and Compliance for Law Firms in a Changed World provides an in-depth analysis of key risk areas within law firms and aims to help firms meet new and emerging challenges with clear, practical examples.

Subjects:
Legal Practice Management
Contents:
Executive summary...VII Disclaimer...IX About the author...XI Chapter 1: Law firm risk management - A decade in review...1 Changing attitudes towards risk management...1 The role of regulation in risk management...2 The growth of risk management implementation...5 The future...8 Chapter 2: The draft SRA Handbook...13 Ensuring and demonstrating compliance...13 Compliance officers...14 A compliance framework...20 Chapter 3: Clients...29 Dynamics of the law firm-client relationship...29 Assessing the risk profile of the client...29 Evaluating the long term relationship...30 Scoping the retainer...31 New clients - points to consider...32 Other areas of risk...33 Client service...33 Conflicts of interest...39 Confidentiality and disclosure...40 Risks brought by clients...41 Diversity...42 Limiting liability...44 Chapter 4: Business management and finance...49 Driving change - The risk of collapse...49 Business risk...51 Financial management...53 Accounts...55 Outsourcing...59 Business continuity...66 Publicity...67 Fee sharing and referrals...68 Chapter 5: People...71 Supervision...71 Training...79 Lateral hires...80 Chapter 6: Anti-money laundering compliance and bribery...83 The offences...83 The money laundering reporting officer...84 Seeking consent and reporting...85 Privilege...86 Criminal property...87 Money Laundering Regulations 2007...88 Counter-terrorist finance...90 International sanctions...90 Money laundering reporting officers outside the regulated sector...90 Tipping off...91 Guidance...91 Training...91 Demonstrating compliance...92 Bribery Act 2010...94 Chapter 7: Professional indemnity...99 Security of the insurer...99 Size of excess...100 Scope of cover...101 Level of cover...101 Mergers, acquisitions and practice closures...102 Insolvency...103 Other types of insurance...103 Chapter 8: Alternative business structures...105 Context...105 What is an alternative business structure?...105 Independence...106 Privilege and confidentiality...108 Professional indemnity...110 Chapter 9: International practice ...113 Obligations...113 Cross-border European work - the CCBE Code of Conduct...115 Further considerations...115 Chapter 10: Conclusion...117 Index...119