COLP-help – a new way to outsource compliance
Let our experts guide your COLP and COFA through the risk and compliance maze.
Save 5-10 hours per month
Expert, practical advice
Peace of mind – fully auditable systems
Simple monthly retainer
Find Out More?
Do you have any questions? Call 02920 660160 or enter your details below and we’ll call you back during office hours.
Why choose us?
- Our risk management consultants are experts in their field.
- We understand the challenges and anxieties that regulation brings.
- Everything we do is about making your life easier.
“To be as helpful as humanly possible” – that’s our motto!
Our monthly retainer service helps firms work smarter
The SRA will not allow you to outsource the COLP and COFA roles. However, it makes perfect sense for you to outsource most of the compliance work, whilst retaining oversight and control. Which leaves you free to run your business.
What does the service include?
COLP-help is designed to 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. Here is what a typical package would include:
OUR UNIQUE 5-STEP MODEL
1. Initial audit
Using our expertise and knowledge of the legal profession, we will conduct a gap analysis to identify any weak points in our compliance controls, and other risk areas. You will receive a ‘Traffic Light’ report to enable us to prioritise the next steps.
2. Remedial action
Having identified the priorities in Step 1, we then concentrate on plugging the gaps and helping you make sure the firm is compliant.
3. Regular on-going monitoring
Your dedicated risk management consultant will work with you to put in place a structure around your compliance and risk management controls. You will have regular (at least monthly) contact, with full risk management meetings taking place every quarter. Whilst on-site – usually for half a day – we will provide one other piece of ‘value added’ work, such as file reviews, staff briefings, or drafting.
4. Audit trail
“If it isn’t recorded, it didn’t happen!”
Minutes of all risk management meetings are prepared by your risk management consultant. You will have access to our cloud-based compliance app, which will become your central hub for risk and compliance recording. Risks, breaches and registers can all be managed in a modern environment – no more clunky spreadsheets or dusty folders! Your app can be configured to give your team access to risk reporting, e-learning modules, Continuing Competence management and much more.
5. Expert advice and support
Need guidance between meetings? No problem – you will have a direct line to your dedicated risk management consultant and the wider expertise of our team. We don’t put an arbitrary limit on the number of hours support you can claim under the retainer.
Every twelve months we review your case and set objectives for the following year.
Typical INITIAL SET UP under the COLP-help model includes:
- Analysing the business and its key risks
- Auditing current systems and practices
- Identifying compliance gaps
- Recommending new systems and practices, if required
- Preparing an audit report
- Updating or re-drafting the Office Manual
- Providing or recommending training for staff and compliance officers
- Setting up recording and evidence-capture systems
- Preparing a Compliance Plan
Typical ONGOING WORK under the COLP-help model includes:
- Monthly compliance and risk management meetings
- On-call for compliance questions and emergencies
- Assistance with reporting breaches
- Assistance with dealing with your regulators
- Maintaining and updating systems and records
- Ensuring that policies and procedures are working effectively
- File audits
- Training and briefing
- Assistance with practising renewals
Who do we help? All sizes of law firms and ABSs
Every law firm is different, which is why a standard ‘check list’ approach to compliance will not work. We will work closely with you to put in place risk management systems and controls that fit your business.
Our clients range from large international practices to small law firms. COLP-help suits any firm that:
- does not have its own compliance team, and solely relies on the COLP and COFA
- has a compliance function, but would benefit from external expertise and scrutiny
- wants to demonstrate a commitment to risk and compliance to insurers, regulators and staff
- has had ‘near misses’ or other cause for sleepless nights
What our clients say
Jon’s advice and support has been very helpful in rationalising the requirements of COLP/COFA compliance. Putting in place the appropriate systems seemed a challenge on top of the day to day pressures of a busy legal practice, so we’re very grateful for the clarity and detailed knowledge that Jon brought to the process.
Jon’s support and practical guidance has given me peace of mind that our systems are compatible with the SRA’s Outcome Focused framework. I definitely recommend Jon and his company to any firm looking for cost effective legal support and advice.
Thank you so much for guiding my firm through the new rules, which with your expert input were not as daunting as I first envisaged...You have convinced me that the new regulations are to be embraced and not to be feared!!
Our meetings with Jon were refreshingly full of common sense and practical advice. It makes a big difference having a former solicitor with experience and understanding mentoring us rather than an administration consultant who has never had to juggle the pressure of constant phonecalls and client attendances!
How much does it cost?
This is a bespoke and personal service. We will be as helpful as humanly possible, to make sure your firm is managing its risks effectively. Take a look at our Customer Charter.
For smaller firms the service is likely to cost around 5 hours of your COLP’s charge out rate per month. For larger firms we will assess your likely needs and price accordingly.
Please contact us for a quote
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The business case
We think it makes good commercial sense to invest in compliance and risk management. If you aren’t tied up in systems and procedures, then you are free to generate more fees, deliver excellent service and run your business effectively.
Those firms who have found themselves on the SRA’s radar will recognise the financial and reputational damage that can be caused by unwanted regulatory attention.
Compliance will 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.