Law Firm Consultancy
Setting up and running a law firm amidst the ever increasing changes within the legal landscape can be very challenging. The biggest challenge faced by many law firms is how to stay profitable amidst the strict regulatory framework of the Solicitors Regulation Authority (SRA) and the pressures from all angles to have adequate risk management procedures in place. It is not just about keeping on top of compliance but also about getting the work in and doing it right and managing the business and staff.
Our Legal Consultants have a vast amount of experience in running different types of law firms and can help you in every aspect of the business. They also have plenty of experience of compliance and the SRA, some having worked for the SRA in the past. The combined experience helps us to deliver a totally bespoke service to you and your firm.
It is usual for a law firm to have a practice manager to oversee the day to day operations, finance, HR and recruitment, risk and compliance and most importantly looking after the partners’ affairs. However, not everyone can afford that luxury or expense and sometimes it is simply left to the partners to manage which can be very difficult when trying to earn fees. If this is the case, we can provide you with the tools and assistance to be able to carry out this function effectively and provide policies processes and checklists for you to manage the practice with minimum effort.
We can provide support to your COLP and COFA and ensure they fully understand their roles and are able to manage their day to day responsibilities with relative ease. We can help you develop a compliance plan and assist you with undertaking risk assessments for all areas of the business.
If you are looking for a more competitive Professional Indemnity Insurance (PII) quote, we have access to a wide network of insurance brokers who may be able to help. We can help you put in place appropriate risk management policies and processes which can help reduce your premiums significantly.
We can also provide an independent audit service, whether that is to review any part of your business or simply an audit of case files. We can identify any issues and also recommend corrective actions and provide any required training.
The SRA has very wide powers as the regulator and can and will use them against you and your firm where appropriate. This can range from undertaking routine visits, putting conditions on your practising certificate, carrying out forensic investigations to intervention into the firm and referral to the Solicitors Disciplinary Tribunal (SDT). This can have disastrous consequences for you and you firm if you do not deal with it appropriately.
It is very important to get expert advice as soon as possible to minimise any reputational damage and financial loss. It may be very tempting for some solicitors to try and deal with the SRA on their own but this can be a fatal mistake as usually solicitors are not very good at representing themselves.
We can help you every step of the way whether that is to review a formal response to a disciplinary issue raised by the SRA to preparing you for a full hearing in front of the SDT and everything in between. Our expert knowledge of the procedures and the rules will ensure that you achieve the best possible outcome in the circumstances.
The SRA Handbook sets out the standards and requirements expected of solicitors and their firms under the new regime of Outcome Focused Regulation. It is not the most straight forward of rule books and there are many aspects to it which include Principles, The SRA Code of Conduct, The Accounts Rules amongst others.
We can help you make sure that you are fully compliant with the SRA Handbook in every aspect whether that is through carrying out audits and recommending corrective changes or reviewing your current processes and policies and developing new ones.
We can also help you with wider firm compliance in terms of demonstrating your effective management of the business as well as review your terms and conditions, referral arrangements, client care policies and compliance with the Accounts Rules.
A law firm can get caught up in the myriad of rules and regulations and client demands, so much so that it loses its way and sense of direction. We provide a range of services and support which can help you and your firm head in the right direction.
We can do this in a number of ways by creating and developing business strategies, sales and marketing strategies, branding strategies and business development strategies. We can look at your operations and provide you with strategic advice and an objective review of your business as well as identify areas where you are doing well and also areas where you are perhaps not doing so well.
We offer non-executive directorships where our Legal Consultants who have years of running law firms can act as a sounding board for ideas and provide an objective view to the partners as well as provide fresh innovative ideas tailored to your business.
If you are looking to enter an existing business or exit a business and you need an honest appraisal of the business and a valuation which you can use for funding or marketing of the business then we can help. Our intricate expertise in law firms puts us in the best possible place to provide an honest and realistic valuation which will give you the best chance of securing the best deal.
Law Society accreditations can sometimes be a very effective marketing tool and in some cases are mandatory if you want to carry out certain work for certain types of clients. It is not simply a paper filling exercise and there rigorous requirements in terms of risk management and olicies that need to be met.
We can guide you through the application process and also provide you with the tools to be able to maximise your chances of achieving accreditation. If necessary, we can also provide you with the necessary policies and procedures that are the key requirements.
We can help you with Lexcel and the Conveyancing Quality Scheme accreditations as well as any other non-legal accreditations such as Investors in People and any other accreditation which you may want for your business.