Development and implementation of OFR compliance systems

Compliance plans, risk registers, policies and office manuals

It is evident that the SRA expects firms to develop compliance plans to ensure that they meet the requirements of OFR and other regulatory demands, including the SRA Accounts Rules.

For some, it could mean writing new policies or extending existing policies and office manuals.

PDA Legal has assisted several firms to develop their compliance plans and risk registers, and in authoring the Lexcel Small Firm Toolkit, it has designed and developed template policies and office manuals.

For many firms, the development and maintenance of compliance systems, together with OFR reporting requirements, could mean senior fee earners having to spend less time in fee earning, thereby reducing valuable revenue for their firms.

Although CoLPs must be lawyers and employed by their firms, we can provide a service to assist them in gathering information that they need to record, and in some cases, report upon to the SRA.  We can become their compliance assistants.