Creating a Compliance Framework - A Practical Guide for Small & Mid-Size Law Firms

Introduction

Managing compliance risk is crucial for small and mid-size law firms to ensure they meet regulatory requirements and maintain client trust. However, for many law firms the questions are:

• How should we manage the compliance risk?
• What records should we keep?
• Who should be responsible for which elements?

This new virtual classroom seminar will provide small and mid-size law firms with a framework to manage compliance risk effectively. It will also provide structure and can be used to gather evidence which your insurers and the regulators will welcome if something goes awry.

What You Will Learn

This live and interactive session will provide you with a practical and easy to implement framework to help manage compliance risk effectively:

Risk Assessment

• Prepare a thorough risk register to identify potential compliance risks. This includes evaluating the types of legal services provided, client profiles, and geographical areas of operation
• Regularly update the risk assessment to reflect changes in regulations and business operations

Policies and Procedures

• Develop clear policies and procedures to address identified risks. This includes people policies (as partners and staff are key risks), AML policies, data protection protocols, and client confidentiality measures
• Ensure these policies are easily accessible to all staff and regularly reviewed and updated. They are critical when the SRA investigate, and evolution shows the consideration of how risk aware your firm is

Training and Awareness

• The delivery of regular training to all partners and staff on ethics, AML, compliance requirements and the firm’s own risk policies should be second nature and firm embedded
• Using in firm near misses and problems as case studies to make training more engaging and relevant

Monitoring and Reporting

• Ensure the system for ongoing monitoring of compliance activities includes regular audits to ensure adherence to policies and procedures
• Establish clear reporting lines for compliance issues, ensuring that staff know how to report concerns and that these are addressed promptly

Technology and Tools

• Utilise technology to streamline compliance processes
• Encourage good habits through your systems and train the team on establishing habits so it becomes an automatic reaction

Client Communication

• Ensure clear communication with clients regarding compliance measures. This helps build trust and ensures clients are aware of the firm’s commitment to compliance and discourages those seeking to cut corners and take chances
• Provide clients with clear information on how their data is protected and how the firm complies with relevant regulations

Continuous Improvement

• Encourage a continuous improvement culture by reviewing and refining compliance practices
• Ensure feedback from staff, and clients, so you evolve and avoid a closed mind

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.