The solicitors' profession has undergone a sea change in culture over the last 10 years. In particular there seems to be are ever increasing statutory, regulatory, compliance and risk creep which,for many firms, verges on being suffocating. At the same time solicitors have been forced to become more commercial and the business world has become more competitive with fewer firms have retaining a lock step structure. The resultant change of ethos has caused partners to become far more entrepreneurial and much less averse to risk.
- Understand the full risk management and compliance profile of your firm and the lawyers working for you.
- An integrated approach to compliance and risk provides a more holistic view across departments or areas of law. It creates an extra “layer” to review high-risk clients.
- Creates a culture whereby all the lawyers within a firm have an appreciation of and contribute towards compliance and risk management.
- Manage and monitor breaches, track remedial action to minimize your exposure to professional indemnity. Generate comprehensive reports as required by the SRA.