Regulatory Risk and ComplianceAre you up to speed with the requirements of your regulator, be that in the form of the Solicitors’ Regulatory Authority Standards and Regulations or the Bar Standards Board’s BSB Handbook?  Do you understand the strategic, operational and regulatory risks affecting your business and, if so, do you have the necessary plans, policies and procedures to mitigate those risks?

Never have expectations been higher than they are now in the regulatory compliance and risk management arena and both law firms and Chambers need to be on top of their game to avoid increased scrutiny and supervision from their regulator.  The SRA have made it clear that they will be increasing the number of AML audits they undertake in the coming 12 months, as well as recently issuing guidance on the workplace environment, as a result of its Workplace Culture Thematic Review.  Firms are at risk of breaching a significant number of the SRA Principles and requirements of the Code of Conduct for Firms by failing to protect and support colleagues in the workplace (please see our blog post which covers these risks in detail).  In the context of continuing competence, the Legal Services Board have also recently consulted on changes which could affect those it oversees.  As always, its a busy time in risk and compliance.

With our experience of risk management and regulatory compliance both in law firms and Chambers settings we can offer gap analysis of your existing arrangements as well as being able to assist in bringing any plans, policies and procedures up to date.  If required we can also provide advice on bespoke issues relevant to your practice.


August 6th, 2023|Comments Off on Supervision

In November 2022 the SRA issued formal guidance on effective supervision to help those they regulate with supervisory responsibilities (solicitors and firms) understand their obligations and how to comply with them.  Services provided by individuals [...]


October 1st, 2022|Comments Off on Undertakings

What is an undertaking? The SRA glossary defines an undertaking as: “a statement, given orally or in writing, whether or not it includes the word “undertake” or “undertaking”, to someone who reasonably places reliance on [...]

  • Register of Overseas Entities

Register of Overseas Entities

August 2nd, 2022|

As part of the Government's desire to improve transparency and stop foreign criminals using UK property to launder money, anonymous foreign owners of UK properties are now required to reveal their identities.  The Register of [...]