The Latest Compliance Challenges for Law Firms - What Should You Be Doing?

Introduction

Partners of law firms have never before faced such intense regulatory scrutiny.

Are you ready for this intensity as a firm? As a partner? As a compliance officer? As a general counsel to a law firm? This poses the question to all professionals - What should I be doing manage the compliance risks?

Few law firm leaders are compliance specialists, but can you afford not to be given the reputational risks?

In this updated virtual classroom seminar, you will be empowered by knowledge. By understanding the expectation of your regulator, compliance expert Paul Bennett will explore the steps you can easily take to limit the reputational and financial risks all firms now face in the era of the SRA financial penalties regime.

Aimed at law firm partners who are leaders, supervisors and managers this session will focus on regulatory awareness, managerial best practice, the need for high performance and how to support your team effectively.

On completion of this session, you will be able to create a personal ‘to do list’ which is both reflective and empowered to help you manage the risks in your law firm.

What You Will Learn

This live and interactive session will cover the following:

• An overview of the current SRA areas of interest

The SRA risks are evolving seemingly by the week and determining culpability in hindsight appears as a feature of the SRA disciplinary enforcement approach. Do you get it right as a firm with the benefit of hindsight? We will look at managing the risk down, as a firm and personally.

• Data security and privacy

With the rise in cyber threats law firms must ensure data protection measures are robust and protect sensitive client data. Compliance with professional rules on client confidentiality, legal professional privilege and legal obligations including the UK General Data Protection Regulation (UK GDPR) is a crucial challenge to be addressed by all law firms.

• Sanctions

The perception of the legal sector profiting from aiding those who are sanctioned has taken hold in the media and the regime is much different now to prior to the war in the Ukraine. How can you manage the sanctions risks arising? How to you evidence your compliance on each and every client file?

• Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF)

Law firms need to implement stringent AML and CTF measures to prevent involvement in financial crimes and with unlimited fines now being part of the SRA armoury all firms need to reflect and refresh their approach.

• Ethics and Regulatory Compliance: Law Firms must comply with an increasingly complex regulatory framework established by the Solicitors Regulation Authority (SRA). Allegations, investigations and disciplinary outcomes determined within the SRA under its increased sanctioning powers can lead to severe penalties and reputational damage but how can you manage the day-to-day risks from specialists in your firm who are not specialists in regulation? Over the last few years ethics have remerged after the tick box compliance era, but how do you embed ethical thinking in a firm?

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.