- The New SRA Handbook:
- Long and complex: The SRA Handbook is a 500-page document with a complex array of rules, regulations and legislation.
- Early detection encouraged: SRA’s new OFR framework (Outcomes Focused Regulation) promotes the early identification of potential compliance failures to avoid the significant cost of interventions and other regulatory action.
- Achieving Compliance:
- Cost: For most law firms, the cost of compliance – in time and lost income – are of concern, and present a particular challenge to small- and medium-sized firms.
- Lack of efficiency: Collecting compliance data manually, by selecting a group of files to review at random, is time consuming and does not necessarily capture the high-risk cases.
- No early detection: Compliance failures are usually identified after the event when using manual data collection.
- Lack of documentation: When compliance is handled manually, the COLP has no online documentation of the firm’s compliance record, and will spend additional time (and money) on producing reports and documentation, should they be required.
- Ensure compliance: By automating the platform, CLIENTCAREmonitor can review 100% of cases, identifying the highest risk files in real time.
- Save time and money: The platform results in significant cost savings by cutting the time spent on COLP duties by as much as 75% with a resulting increase in chargeable time and efficiency.
- Prioritizing compliance: The system places monitoring, reporting and auditing at the heart of compliance, rather than leaving these important tasks to become a one-off annual task.
- Create documentation: CLIENTCAREmonitor generates the reports and registers and creates an online repository of compliance documents for the firm.
- Seeing the wood for the trees: CLIENTCAREmonitor presents complex data in an “at a glance” visual format.
- Spread the responsibility: With CLIENTCAREmonitor, responsibility for compliance is distributed across the firm with no additional time spent. All fee earners enter the information for their cases into the platform during intake, making that information visible and actionable by the COLP. The COLP is no longer alone!