Law Society’s Risk and Compliance Service
By Jeremy Black and Florence Perret du Cray
Law Society Publishing
ISBN: 978 1 907 698 47 7
BECAUSE EVERY LAW FIRM MUST SHORTLY HAVE A COMPLIANCE OFFICER FOR FINANCE AND ADMINISTRATION (COFA)….YOU NEED THIS NEW TOOLKIT FROM THE LAW SOCIETY, WITH ACCOMPANYING CD-ROM
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
Yes, the time is fast approaching. From January 2013, not only must every law firm have an authorised compliance officer for legal practice (COLP), but additionally, a compliance officer for finance and administration (COFA).
If you’re a practitioner, particularly in a firm, you will certainly have compelling reasons to acquire this extremely useful book, one of the Law Society’s highly regarded and eminently practical ‘toolkits’ (part of the Law Society’s risk and compliance service).
Each of these helpful ‘toolkits’, is designed to help practitioners cope with the new regulatory environment introduced under the OFR (outcomes-focused regulation) implemented by the SRA, which insists that all law firms large or small must assign top priority to risk management in line with the demands of the Legal Services Act 2007.
Produced in handy paperback format with accompanying CD, each ‘toolkit’ contains clear and practical advice that has emerged following this legislation.
As all firms will be directly affected, (or possibly indirectly) you might decide to acquire all three toolkits, namely the ‘Anti-Bribery Toolkit’… ‘the COFAs Toolkit’… and the ‘COLPs Toolkit’ – all in handy, paperback format. For purposes of this review, we are focusing here on ‘COFAs Toolkit’.
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Whether you are appointed as the firm’s COFA, or perhaps the partner in charge of overseeing COFA compliance activities in line with general risk management procedures, you’ll find this COFAs Toolkit’ invaluable in helping you implement and supervise systems for complying with the SRA’s (Solicitors Regulation Authority) Accounts Rules.
Note that, in being charged with this responsibility, the COFA is regarded as having a more focused role than a COLP and is expected to record all compliance failures and report them back to the SRA as soon as practicable. This toolkit is therefore designed to provide the practical and clearly structured advice and assistance needed for the COFA role.
As the expert authors point out, (both are from Deloittes with specialist law-based experience) the book highlights the main regulatory requirements relevant to COFAs. It elaborates on their responsibilities, including reporting requirements, and offers the relevant guidance as well as the relevant range of practical tools, i.e. documents and forms.
Further guidance, together with template documents, can be easily accessed from the CD-ROM and adapted to specific requirements.
Like its companion volumes, this book – now available from The Law Society — is distinguished for its clarity ready adaptability to the needs of busy practitioners.
The publication date is stated as at April 2012.
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