Risk Management & Compliance.
Law firms operate in one of the most highly regulated sectors in the UK making effective risk management more essential than ever.
The UK legal sector is amongst the most highly regulated sectors.
Let’s be honest, risk management isn’t the most interesting topic in the world. But given that law firms operate in one of the most highly regulated sectors in the UK, effective risk management has never been more essential.
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Poor risk management can lead to ramifications ranging from complaints and reputational damage, to severe regulatory fines and the SRA revoking firms’ licences to operate, so it’s worth investing in solid risk management practices from the get go.
How can you avoid these issues?
Every firm should pursue a solid risk-based approach to its operations, backed by robust policies, processes and procedures that encourage a culture of quality and propriety that benefits both the firm’s clients and employees.
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Developing, monitoring and ensuring the consistent adoption of clear and effective risk management controls not only reduces the risk of complaints and regulatory intervention, but also improves your insurance risk profile, which can significantly reduce the cost of professional indemnity insurance. In fact, without the right controls in place, firms may struggle to secure insurance in the first place, or the firm’s owners may be required to provide personal guarantees. Talk about skin in the game…
How can we help?
Whether your objective is to obtain Lexcel accreditation from The Law Society, or simply improve the firm’s risk profile, our expert compliance consultants are fully accredited by The Law Society and can support the firm’s development of a risk-based approach to its operations, using the Lexcel Standard as a basis for consistency. Rest assured, you’ll be working directly with a Law Society-approved Lexcel assessor and consultant throughout.
In this day and age, running a law firm often feels like navigating a regulatory minefield. When operating in an ever-evolving regulatory landscape, it is essential that you can demonstrate ongoing compliance with your risk management-related regulatory obligations, in part by arranging independent audits to identify and resolve gaps in your risk management strategies and procedures. In this context, our work typically includes:
Strategy and continuity
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we’ll help to develop your strategic and business continuity plans.
Risk
management
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We’ll establish procedures designed to safeguard your firm, employees and clients.
Independent AML audit
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Designed to identify potential risks in your AML controls through assessing your AML processes.
Financial management
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We’ll perfect your approach to cash flow management and financial reporting.
Client
care
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We’ll ensure you build and implement a client centric approach.
Information management
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We’ll create policies and procedures that address your regulatory obligations.
File and case management
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We’ll help to drive consistency across the firm in relation to the management of client files.
People
management
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We’ll consult on your approach to building a high performing team.
Compliance officer
support
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We’ll help them to fully understand the active steps they must take to fulfil their regulatory responsibilities.
"As a Lexcel accredited consultant and assessor I am trusted by the Law Society of England and Wales to assess the effectiveness of operational controls and to offer suggestions for improvement that can support valued operational improvements."
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Paul McCluskey, Managing Director
We are approved by The Law Society of England and Wales as a Lexcel Accredited Assessor and Consultant.
Gemstone Legal aims to provide our customers with the highest standards of service. If our service fails to meet your requirements and you would like to report a complaint; please contact paul.mccluskey@gemstonelegal.co.uk