What we do
Centrix Legal in conjunction with its strategic law firm partner Infolegal Ltd provides SRA COLP & COFA Support for Law Firms.
The roles of the Compliance Officer for Legal Practice (COLP) and the Compliance Officer for Finance and Administration (COFA) are fundamental to the SRA’s regulatory regime. The COLP and COFA are at the centre of compliance throughout a firm and act as a focal point for the identification of risk.
It is the duty of the COLP and COFA to ensure compliance with the SRA Handbook and so it is essential they have access to the appropriate resources and the necessary practical support.
Whether you are unsure about SRA requirements or wondering whether you have a reportable breach on your hands, you can rely on Infolegal to provide practical and expert guidance. In addition to providing general support we can help you to address specific issues as they affect your firm.
The following list is not exhaustive but covers the main types of COLP & COFA Support we provide: –
• Analysing the business and its key risks
• Auditing current systems and practices
• Identifying compliance gaps
• Recommending new systems and practices, if required
• Updating or re-drafting the Office Manual
• Setting up recording and evidence-capture systems
• Preparing a Compliance Plan
• Monthly compliance and risk management meetings
• Quarterly compliance reporting
• On-call for compliance questions
• Assistance with reporting breaches
• Maintaining and updating systems and records
• Ensuring that policies and procedures are working effectively
• Assistance with the annual information report
• Assistance with PII renewal (compliance aspects)
Why use us
So what are the advantages of using “outsourced” consultancy support in handling compliance issues and why do clients trust us?
In a nutshell:
• We save them worry and stress.
Firms who have found themselves on the SRA’s radar will recognise the financial and reputational damage that can be caused by regulatory investigations. Compliance will therefore continue to be an ongoing cost of doing business in the profession whether that comes in the form of lost fee-earning time, recruiting compliance specialists or getting external help and support.
Infolegal give your COLP and COFA oversight and control of all compliance and risk issues, without having to treat it as a full time job. We simply take care of the vast majority of the time-consuming work leaving you to get on with running your firm safe in the knowledge that your business is compliant.
• We save them money.
Whilst our services do render a fee this is often much less than the fees lost by individuals within the firm who become embroiled in compliance issues often spending disproportionate amounts of time pondering, researching and worrying over simple regulatory and investigative tasks.
• We save them time.
Again as specialists we can undertake your outsourced tasks quicker than you probably could save you valuable fee earning time leaving you free to generate more fees, deliver excellent service and run your business effectively
• We take the strain.
The mental burden of compliance upon an individual should never be under estimated and this can radically affect both their work and home life. By outsourcing we take the strain.
How does it work?
Centrix in conjunction with Infolegal Ltd provides a bespoke support for Law Firms compliance dependant upon your size and the scale of the issue. By making our service bespoke we can ensure we are both efficient and cost effective. So after an initial discussion we would agree terms and price dependant upon your specific need.