Compliance plan—law firms—2019
Compliance plan—law firms—2019

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Compliance plan—law firms—2019

    1. 1

      Introduction

      1. 1.1

        This document sets out our plan for complying with the numerous regulatory requirements that apply to our business and forms part of our overall risk management strategy.

      1. 1.2

        Failure to comply with regulatory requirements or properly manage our regulatory risks can have the following consequences:

        1. 1.2.1

          clients may not receive the level of service they are entitled to expect, which may result in complaints or negligence claims;

        1. 1.2.2

          our reputation could be damaged;

        1. 1.2.3

          the firm or individuals within the firm could be disciplined by the SRA or another regulator, which could lead to fines, disqualification or other sanctions; or

        1. 1.2.4

          the firm or individuals within the firm could be exposed to criminal prosecution.

      1. 1.3

        We have always taken compliance extremely seriously and will continue to do so.

    1. 2

      Compliance obligations

      1. 2.1

        [Insert firm’s name] is directly regulated by the Solicitors Regulation Authority (SRA), as are our solicitors[, Registered European Lawyers (RELS) and Registered Foreign Lawyers (RFLs) ]. The SRA also has a range of enforcement powers over the firm’s [members OR partners OR directors OR and other staff. [Insert firm’s name] and all staff are therefore required to comply with relevant parts of the SRA Standards and Regulations 2019.

      1. 2.2

        In addition, [Insert firm’s name] and our staff are required to comply with a wide range of other regulatory requirements that apply to most businesses. These could be imposed

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