Law Society responds to the challenging risk and compliance landscape

9 June 2010

A new Law Society service will help law firms navigate the increasingly complicated
area of risk and compliance.

The Risk and Compliance Service provides a comprehensive range of tools and information geared towards making life easier for firms to put in place risk
management procedures.

The service includes in-house consultancy, a newsletter and a Lawyerline complaints
and compliance support service. Details can be found on our website (link below).

Managing risk and regulatory compliance is already a critical issue for all legal
practices but the process is increasingly fraught with pitfalls and uncertainties.
Firms which fail to meet the professional standards expected of them face greater
scrutiny and more stringent penalties than ever before.

The Legal Services Act has resulted in a radically new and challenging landscape,
with even greater impetus for firms to develop a more robust and coordinated approach
to legal and statutory compliance.

Law Society president Robert Heslett says:

“Over the last decade the legal profession has been subject to an unprecedented level
of change. In particular the Legal Services Act has remoulded the regulatory framework, whilst the economic downturn has placed a heavy spotlight on risk, not least in the eyes
of insurers and lenders.

The outcome is a new legal market in which regulatory compliance and management of risk are two of the three biggest concerns of any managing partner, next to profit. This brings with it great challenges, but for those who are prepared it also brings great opportunity.”

“The Law Society is responding to this need within the profession by developing an innovative, effective and affordable way to manage risk and regulatory compliance.”

The likelihood of an even tougher Professional Indemnity Insurance renewal process this year makes it imperative firms look at their systems and processes for client care and risk management to ensure that they can demonstrate best practice.

Notes:

For more information on the Law Society’s Risk and Compliance Service:
http://www.lawsociety.org.uk/productsandservices/specialinterest/riskandcompliance.page

The service includes discounted prices on in-house consultancy, publications, seminars and events, a monthly e- newsletter and a Lawyerline complaints and compliance support service.

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