Tag Results
SRA: nearly half of firms began COLPs and COFAs process in first month
Friday, 6 July 2012Nearly half of all law firms have so far “engaged with the process” of appointing their COLPs and COFAs, the Solicitors Regulation Authority has revealed. Separately it laid out its imminent plans to survey every law firm about staff diversity.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, diversity, Legal Services Board, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Tombola time for COLPs and COFAs
Thursday, 28 June 2012Beware the British summer – the season of storms, gales, flooded caravans, transport chaos, sporting disappointment and, if you’re not careful, one other seasonal surprise. At this time of year, many firms rally their troops with an office summer party. Often held outside, it seemed such a great idea all those dark, wet, cold months ago. Now that it’s light, wet and cold, don’t make the mistake of going on holiday without knowing who won the COLP raffle. Your post-holiday, back-to-work blues won’t be helped by finding that you drew the winning ticket in your absence.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Blog
Version 4 of Handbook goes live as SRA promises no further COLP/COFA delay
Friday, 22 June 2012The fourth edition of the SRA Handbook in less than 10 months was published yesterday. It includes the delay in the introduction of the compliance officer regime, and the SRA has guaranteed that there will be no further hold-ups.
Tags: ABS, Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, in-house lawyers, Legal Services Act, Legal Services Board, QASA, Quality Assurance Scheme for Advocates, Solicitors Regulation Authority, SRA Handbook
Posted in Latest news, Legal Services Board, Solicitors
News in brief: COLP/COFA advice service launched, referral fee offensive, and much more
Tuesday, 29 May 2012Our latest round-up of key news snippets sees the ex-chief of the CLC launch a consultancy, a new COLP and COFA helpline, a campaign against personal injury “auctions”, Lawyers on Demand goes it alone, a run-off cover boost for retiring solicitors, and a rethink on financial services ABSs.
Tags: ABS, Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, financial services, Financial Services Authority, personal injury, professional indemnity insurance, referral fees
Posted in Latest news, News In Brief
In-house lawyers to face tricky ABS decision
Friday, 18 May 2012The Solicitors Regulation Authority is to push ahead with changes to the SRA Handbook that will leave it to in-house lawyers to decide whether the law requires that their legal teams become alternative business structures.
Tags: ABS, Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, local authorities, Solicitors Regulation Authority
Posted in Alternative business structures, Latest news, Solicitors
SRA set to delay COLP and COFA regime to 2013
Wednesday, 16 May 2012The Solicitors Regulation Authority is set to delay the compliance officer regime, it has emerged. The scheme for compliance officers for legal practice (COLPs) and for finance and administration (COFAs) was due to go live on 1 November.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, internal governance rules, Law Society, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Scary Spice
Monday, 14 May 2012At some stage in your career – probably many years ago – someone will have asked you to describe your perfect job or where you saw yourself in 10 years’ time. Maybe you talked earnestly about your burning desire to bring justice to the masses. More likely, you claimed that your ultimate goal was to be partner in the interviewer’s fine establishment. Chances are you didn’t say: “What I want, what I really really want, is to be a compliance officer for legal practice.” – Allison Wooddisse discusses what firms should include in a COLP’s job description.
Tags: COFA, COLP, compliance, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Accounts Rules, Solicitors Regulation Authority
Posted in Blog
Third edition of SRA Handbook in seven months goes live
Monday, 30 April 2012The third edition of the SRA Handbook in just seven months has gone live after being approved by the Legal Services Board. A fourth edition in less than a year since the Handbook went live on 6 October 2011 should be necessary in June.
Tags: ABS, Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, conflicts of interest, immigration, insolvency, legal practice course, Legal Services Board, OFR, outcomes-focused regulation, sole practitioners, Solicitors Regulation Authority, SRA Handbook
Posted in Latest news, Solicitors
COLP and COFA nomination process to begin next month – but you might not be approved in time
Friday, 20 April 2012Law firms will be able to start nominating the compliance officers for legal practice and for finance and administration at the end of May – but the Solicitors Regulation Authority has admitted they may not all be approved by the start-date of 31 October.
Tags: Alternative business structures, COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Law Society to “put its money where its mouth is” with COLP advice service
Friday, 20 April 2012The Law Society is to pilot an initiative that will provide advice to compliance officers for legal practice (COLPs) and then stand by the COLP if it is then challenged by the Solicitors Regulation Authority.
Tags: COLP, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Latest news, Solicitors