This month saw the arrival of the Legal Services Act (LSA) which looks set to have far reaching effects on the delivery of all professional services in the UK. One key requirement dictated by the LSA is for all law firms, regardless of their size, to have both a compliance officer for legal practice (COLP) and a compliance officer for financial and administration (COFA). Law firms have until 31st March 2012 to make their appointments, but how do you decide who to appoint and just what are their responsibilities?
DMJ Legal in association with Crowe Clark Whitehill are holding an early morning seminar on 11th November 2011 which will look at the roles and their obligation under the SRA Handbook and help firms decide just how they will approach this new aspect of law firm regulation.
With law firms now being able to form Alternative Business Structures (ABS), enabling them to form partnerships with other professions, compliance is set to intensify. The role of the COFA is to ensure compliance with the Solicitors Regulation Authority (SRA’s) account rules while COLP requires an individual to be designated as head of legal practice and whose designation is approved by the Licensing authority. This introduction is already impacting law firms as under the new legislation, both the COLP and the COFA will be held directly responsible and will bear the brunt of the law if they are not compliant.
The seminar will help clarify what these positions will entail and what is expected from Law firms. Speakers on the day will include;
- Steve Gale – Crowe Clark Whitehill LLP, Partner, Professional Practices
- Peter Scott – Peter Scott Consulting
- Paul Dipple – Consultant, DMJ Finance
For more information or to register for the event please follow the link: http://www.crowehorwath.net/UK/events/event-info/COLP_and_COFA_-_who_are_they_and_what_do_they_need_to_do_.aspx
