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The introduction of the new SRA Handbook on 6 October 2011, and the creation of compliance officers, was the first tangible wave of a further tightening of audit and control procedures among law firms. The regime seeks to create a framework for solicitors to adopt risk management and control processes that should, frankly, already be well established for the majority. It’s pleasing no doubt that the vast majority therefore complied and registered nominated solicitors and finance directors to pick up the compliance officer chalice. Yet, a staggering 800 had not registered on expiry of the deadline – do these really believe that the regime will not flex its muscles and that by ignoring this, they will remain hidden?

It’s often said that life’s not a popularity contest – which is probably just as well if you’re the compliance officer for legal practice (COLP) for your firm. As a lawyer, the best that can be said about your popularity rating with the general public is that it’s not as bad as estate agents or tax inspectors. The COLP role comes with the added distinction of being unpopular within your peer group. But your main crime against popularity is yet to come—from January 2013 you have to become head monitor and supergrass for your firm.

The Solicitors Regulation Authority is to seek powers to levy automatic fines for breaches of its rules to avoid a repeat of the embarrassment caused by hundreds of law firms failing to nominate compliance officers on time.

Comparisons between the 2012 Olympics and the compliance officer for legal practice (COLP) nomination process are more obvious than you might think: both were years in the preparation, shrouded in mystery, beset by operational PR disasters and, ultimately, over in a flash. This month’s blog brings you live coverage of the five-month dash: that’s how long your COLP has to get the firm’s house in order before they become responsible for compliance. Like bog-snorkelling and extreme ironing, the five-month dash is a niche sport, unlikely to grace the Olympics, but pundits are predicting there’ll be a least 11,000 participants by the end of the year.

Wariness among individuals of becoming compliance officers – especially because of the risk of personal liability – has led to some firms nominating persons who lack the most relevant expertise, research seen exclusively by Legal Futures has found.