It is a condition of authorisation that all SRA-authorised law firms must have a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA), and that these individuals must comply with regulatory duties imposed on them personally. Now in its third edition, COLP and COFA: Compliance in Practice provides the role-holders, and anyone concerned with supporting the role-holders, with essential information about regulatory and ethical standards an...

Regulation, compliance and ethics are the three common features of all well-run law firms. Without an understanding of regulatory expectations, compliance duties and ethical behaviours, a firm runs the risk of censure, adverse publicity, and client dissatisfaction. In November 2019, The SRA replaced the SRA Handbook with a new regulatory toolkit called the SRA Standards and Regulations. Solicitors and everyone working in authorised law firms are now expected to achieve the behaviours in th...

In-house practice is an increasingly popular career choice, both for new entrants to the profession and for individuals moving away from traditional private practice. The opportunities are exciting but the challenges of being a regulated individual in a different environment should not be underestimated. In-house counsel must be able to identify and comply with the non-negotiable regulatory and ethical duties expected of them by the Solicitors Regulation Authority. Whereas private practiti...

On the evening of my 10th birthday, my grandpa told us a story, that still replays as vividly in my mind, as it did that day. This story is NOT about my grandpa. But if that made you want to keep reading, then we have something in common.Just like you, there is nothing that grabs my attention more than if someone starts off with a personal story. And there’s nothing that drives a point deeper, than if the story-teller references social experiments or popular fiction characters. Wit...

The European Union Fourth Anti-Money Laundering Directive is the most sweeping AML legislation ever to have been introduced in Europe. It aims to strengthen the existing rules, prioritising the fight against tax avoidance, money laundering and terrorism financing by reinforcing the necessity of measures such as risk assessments, setting clear requirements about beneficial ownership, and expanding the definition of a politically exposed person. This second edition of Anti-money Laundering C...

On the evening of my 10th birthday, my grandpa told us a story, that still replays as vividly in my mind, as it did that day. This story is NOT about my grandpa. But if that made you want to keep reading, then we have something in common.Just like you, there is nothing that grabs my attention more than if someone starts off with a personal story. And there's nothing that drives a point deeper, than if the story-teller references social experiments or popular fiction characters. Wit...

Effective risk management in law firms has never been more important. Lawyers must contend with the long-standing risks associated with the practice of law, such as anti-money laundering and issues of client confidentiality, as well as new risk areas such as data protection and cybersecurity, and increased regulatory burdens. Poor handling of these risks can lead to reputational damage, diminished client relationships, and even regulatory action, and so it is critical for law firms to rema...

Jioni ya siku ya kuzaliwa kwangu nilipohitimisha miaka 10, babu yangu alitusimulia hadithi ambayo bado naikumbuka vyema zaidi akilini mwangu kama ilivyokuwa siku hiyo. Hadithi hii sio kumhusu babu yangu.Lakini ikiwa hiyo ilifanya utake kuendelea kusoma zaidi, basi tuna kitu kimoja sawa kati yetu.Kama wewe, hakuna kitu kinachonivutia zaidi kuliko mtu akianza na hadithi ya kibinafsi. Na hakuna kitu kinachopelekea kuelewa jambo zaidi kuliko msimulizi wa hadithi anaporejelea mat...

Fully revised and updated, the third edition of Outcomes-Focused Regulation: Compliance in Practice brings practitioners up to date with recent and upcoming changes to the SRA Handbook and evolving regulation. Covering all the main requirements of the Handbook, the drivers behind them, and essential steps to remain compliant, it also provides practical tools to help firms formulate a compliance plan. Also included are real-life case studies from leading practitioners, giving critical insig...