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The ultimate role of the COFA (as set out in the SRA Authorisation Rules) is to ensure compliance with the SRA Accounts Rules 2011, and to record any failures of compliance. But the SRA’s Quick Guide to OFR implies that the COFA has a duty to report to the SRA when the practice is in serious financial difficulty. Yes, you guessed it: there is no definition of serious financial difficulty given.
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This is where we at LSN will post a message about every Christmas card we get, thanking the sender. Mmm, Christmas goodness
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COFAs need to get their own firms in shape before 1 January 2013 when the role comes into force, says Richard Hill.
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The SRA has again delayed the date on which its in-house watchdogs (COLP/COFA) come into force. It seems the SRA, despite some encouraging rhetoric, is still struggling to come to terms with licensing ABSs and getting to grips with its new powers. But while firms and compliance officers (COs) in waiting will undoubtedly be pointing the finger at the SRA, they may need to refrain from the blame game in their own firms to ensure the COFAs/COLPs carry out their roles productively.
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David nips to Law Vegas to Thomson Reuters Elite's US global user conference and finds out what's in store for one of the world's biggest legal IT companies... "Elite's acquisition strategy is one of the most interesting things to come out of my visit. We’ve seen a lot of companies take this route to market dominance, but have we ever seen it done well? Only time will tell, but for the most part, the Elite strategy appears to be a good one..."
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This week I attended the first LegalFutures.co.uk conference, at which spoke such luminaries as Richard Susskind and Neil Kinsella, as well as some regulator chiefs of whom most of us have only barely heard.
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It appears that suspicious activity reports (SARs) made to the Serious Organised Crime Agency are on the increase, according to SOCA's latest report. Does this show an increase in due diligence, or merely that crime is on the up?
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Information security is a bit of a given in law firms - it's a given that it occurs, but it's not always actually done. But I still don't think it's sinking in that it can cost a law firm tens of thousands of pounds.
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This week sees the release of our 4th issue of Briefing which delves into Legal Services Reform with help from Professor Stephen Mayson and others.
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We do so much digital content now at LSN it's hard to think about what would happen if it all disappeared without breaking into a cold sweat.
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According to the SRA website "Outcomes-focused regulation is how the SRA will operate from next year, concentrating on the high-level principles governing practice and the quality of outcomes for clients, rather than tick-box compliance with rules.
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Whilst we actively encourage people to post questions on the LSN discussion forum, we also regularly receive questions via email from a wide range of professionals in law firm management.
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