Latest News -
16th August 2011 – “My New Law Firm” - thinking about it, doing it or just taken the plunge?!
If yes, you should attend one of our seminars:
12th September in Manchester or
19th September in London
In addition to qualifying for 5 CPD hours by attending, you will hear experts in their fields, presenting down-to-earth practical advice on what you need to know and do before you can open the doors of your new firm. The main topics covered will be: Business planning, Indemnity insurance, finance & money management, marketing and compliance & regulation. If you would like more details contact us by email on damon@lawrisk.co.uk or call: 01788 633768. .
July 2011 - My new law firm - thinking about it, doing it or just taken the plunge?!
Following the success of previous events, we are organising further seminars for those thinking about or are about to set up their own law firm. Equally, we think this event will be invaluable for those who have already taken the plunge and are up and running. These events will attract 5 CPD hours and will run in September in Manchester on 12th and in London on the 19th. Experts in their fields will be presenting down-to-earth practical advice on what you need to know and do before you can open the doors of your new firm. The main topics covered will be: Business planning, Indemnity insurance, finance &money management, marketing and compliance & regulation. Contact us now if you would like details.
June 2011 - The SRA Code of Conduct
We have been preparing for the 6th October 2011 for 4 years - haven't we? We have lived with the Legal Services Act 2007 for 4 years and saw the SRA arrive and move to "entity based" then" outcomes focussed" regulation. This is a completely different approach to regulation. Are you ready? Have you considered all of the outcomes that you are required to achieved for your clients? If you believe you achieve them, how do you know for sure? How is going to be your "COLP" & "COFA"? What does your Compliance Plan look like? If you need help with your preparations, contact Lawrisk.
April 2011 - LEXCEL
The Lexcel office at the Law Society continues to promote and manage their quality standard. The register of those who have been accredited with the standard can be found online at: www.lawsociety.org.uk/Lexcel. The total number of Lexcel awards remains under 1000 with less than 800 to law firms. There appears to have been a recent increase in interest in achieving this standard perhaps due to the fact indemnity insurance renewal is looming and because of the impact of the new SRA Code of conduct later this year. For further information and help, contact Lawrisk.
March 2011 - Statistics
The SRA publish an interesting quarterly report called "Performance Measures and Standards" which can be found on the website; www.sra.org.uk. The latest version published in March shows that the statistics are very much a moving feast as consolidation continues throughout all sectors on the legal service market. The overall number of firms in England & Wales is holding at around 11,000 but with significantly fewer sole practitioners and traditional partnerships.
4th November 2010 - Thinking about setting up your own firm?
Over 1000 new law firms were set up last year! Are you thinking of doing the same? If so, you should attend the Lawrisk seminar that has been organised in association with Whelan Worner Solicitors. This is a practical and informative event covering the essentials of what you need to know before taking the plunge! Two events have been arranged. The first at Pannones in Manchester on 19th November and the second at the Chesterfield Hotel in London on 24th November. for more details contact damon@lawrisk.co.uk.
5th September 2010 - Lexcel - is this part of your strategic thinking?
We have recently received an increase in the number of enquiries from firms seeking Lexcel accreditation at a time when the Law Society is about to launch a promotional drive to solicitors on the benefits of accreditation. Our experience suggests that the main drivers at the moment are indemnity insurance renewal and business development. There is no doubt that brokers and underwriters look more favourably upon those firms with Lexcel if they can demonstrate its effective use in managing risk. For those tendering for work, more and more are finding an expectation that a provider can comply with a recognised standard such as Lexcel. Lawrisk can either advise or assess firms seeking to achieve this standard. Contact us without any obligation if you want to know more.
22nd August 2010 - Setting up a law firm
Due to popular demand the seminar for those setting up their own firm [or thinking about it] is to be run again in London and also in Manchester. Dates are being arranged for the end of September, so watch this space. Alternatively, send an e-mail to register your interest and we will forward details as soon as available. Due to the content of this seminar, 6 CPD hours will be available for attendees.
21st August 2010 - Indemnity Insurance renewals
It is very clear that the profession as a whole is going to have a tough time during the indemnity insurance renewal season this year. This is not helped by the uncertainty surrounding which underwriters are going to be in or out of the market this year. Never has the focus on risk management been sharper than this year in light of the underwriters' recent experience on claims against solicitors. A clear and well thought out strategy together with a sound attitude and practice towards risk will mark out those who do well in front of the underwriters. This is now much more that a tick box exercise with insurers looking to dig beneath the responses on the proposal form. If you need help in this area of management, we call help. Do not hesitate to ask us how!
1st June 2010
Thinking of setting up your own law firm? [5 CPD hours]
There are many new law firms established each year even in a tough economic climate. Unfortunately, there is limited material or training available for those about to take the plunge or thinking about doing so. Lawrisk in association with Whelan Warner solicitors is holding a seminar at the Institute of Directors in Pall Mall on 14th July for those looking for practical help and advice about setting up a law firm. The interactive sessions will cover business planning and marketing, technology and communications, indemnity insurance, compliance, finance and structure The 5 CPD hours available will count towards the Rule 5 [12 hour] management training requirement. For more details contact: damon@lawrisk.co.uk.
Experts on compliance, banking, business structures, indemnity insurance as well as business planning and marketing will be speaking during the day and after the seminar, there will be plenty of opportunity to "network" with the speakers and pick their brains! Registration will be at 9.30 for a 10.00 start, lunch will be provided and the seminar will close at 4.00 when drinks will be served and networking with the speakers will continue until 6.00.
The fee for this seminar is £295 plus VAT. To book contact damon@lawrisk.co.uk.
13th May 2010
Is it too early to think about indemnity insurance?
The recently published results of a survey amongst law firms demonstrates the huge impact that the recession has had on the profession. We probably do not need a survey to tell us that! For many, survival has been the only short term strategy and often this has lead to merger or take over or often and perhaps surprisingly, new start up firms.
Indemnity insurance cover is now a major driver in the profession and firms are being advised now to prepare for the renewal season and avoid the mad scramble in September. The issue now for many is not how much their premium will be but whether they can get cover at all! The good news is that for those firms that are well structured and managed i.e. they manage their risks well, the indemnity insurance situation should not present a problem.
14th April 2010
Are you ready for a visit from the SRA?
I recently presented at two CLT conferences where the theme was preparing for an SRA audit. These visits are carried out by the Practice Standards Unit [PSU] who visit around 1000 firms each year. Generally, the feedback from clients and delegates who have experienced these visits has been positive. However, there is every indication that the new regulatory regime based on the regulation of firms rather than individuals and focussing on outcomes rather than inputs, will be tougher. It will definitely be different! All firms will receive a visit at some point and will only have a few weeks notice at most before the people from the PSU arrive. Will your firm be ready? It was clear from the delegates at the conferences that compliance is a key management issue and challenge for all firms. This is confirmed by the number of delegates attending and the fact that CLT are now running the same conference for a third time [12th October].
With news that the Code of Conduct is to be re-written and the approach to regulation is changing to accommodate the prospect of Alternative Business Structures, no one should put compliance on the back burner. Whatever compliance is going to look like in the future, there are measures that firms should be addressing now not only for compliance and risk management reasons but for sound commercial and business reasons.
Nowadays, much of the support for law firms that is provided by Lawrisk is centred on risk management and Code of Conduct compliance issues
27th January 2010
Provision of Services Regulations 2009 - Law Society Practice Note
It is clear in recent surveys that the profession is struggling with the increasing burden of compliance and regulation and, of course, it is all about to change again! The latest requirements arrive in the form of the Provision of Services Regulations 2009 which, for many, will mean yet another change or addition to their client care letters and/or terms and conditions of business. The Law Society Practice Note provides guidance on these new requirements but in summary they refer to the provision of information to clients regarding:
Your VAT number, details about your indemnity insurance, reference to the SRA Code of Conduct & information about your complaints resolution procedure [which of course, is already dealt with under Rule 2.05]
15th January 2010
Trends in the Profession
With all of the doom and gloom appearing in the legal press recently, it was surprising to hear that the number of law firms and practising solicitors has increased over the last 12 months. In the Law Society report: "Trends in the Solicitors' Profession 2009" published recently the statistics also revealed a significant fall in the number of sole practitioners but an equally significant increase in the number of 2-4 partner firms. Also notable, is the 50% increase in the number of incorporated firms which now stands at over 2000 or around 20% of the total number of firms.
17th December 2009
All change!
Just when we thought we had come to terms with the Solicitors' Code of Conduct, the SRA announces that there is to be a major overhaul of the Rules as the compliance regime moves towards firm rather than individual based compliance. Indeed, we now hear of "outcome focussed" regulation as the latest buzz phrase in this arena. Lawrisk is working with many firms on compliance issues, often in answer to the question: "Are we ready for an SRA visit?"
17th November 2009
Not-for-profit sector
Lawrisk has been very happy to work with The Assessment Network [TAN] during the second half of 2009 carrying out audits in the not-for-profit sector amongst those organisations seeking to continue their accreditation under the LSC's General Quality Mark. This has proved to be a fascinating insight into the advice sector. TAN is one of the largest assessment bodies in the legal sector and carries out more Lexcel assessments than any other.
Quality Solicitors.com
Since its launch earlier this year, Quality Solicitors [QS] has been working with Lawrisk to recruit high quality firms to its national network. Very publicly committed to quality standards and in particular Lexcel, QS has agreed an exclusive arrangement with Lawrisk to offer heavily discounted rates to its members for advice and assessment to the Lexcel standard.
Indemnity insurance renewals
Six weeks on from the end of the indemnity insurance renewal season, anecdotal evidence suggests many firms have had a tough time this year with a massive increase in the number of firms finding themselves in the dreaded Assigned Risks Pool and others suffering a hike in their premium. From 10s of firms only a few years ago, we hear that around 350 firms found themselves in the ARP this time around. Surprisingly, some saw no change in their premium and others even a reduction! Certainly, those who can readily demonstrate sound risk management and high quality standards will find themselves far better placed in the eyes of the underwriters.
9th September 2009
Regulatory changes
The regulatory regime changed significantly this year with the issue of the 2009 edition of the Solicitors' Code of Conduct. Amended to cater for the prospect of Alternative Business Structure [ABS] under the Legal Services Act, one change was the move to entity based regulation leading to every member of a law firm falling within the scope of the Code. The Rules within the Code no longer just apply to solicitors but every member of the firm. This also applies to the Solicitors Accounts Rules [SAR]. This has significant implications for compliance within law firms increasing the training and supervision requirements within the private practice environment.
"Grow, niche, network or die"
Never has it been more critical for partners in law firms to think and plan strategically. Some would summarise the options available as simply: "Grow, niche, network or die". Whilst consolidation continues at a pace in the legal profession, many firms believe they need to be bigger for a range of reasons and therefore seek out firms with which to join forces. For the remaining small firms [currently accounting for 86% of all firms] the trend is towards niche, specialist or "boutique" services. Of course, from a strategic point of view, this involves a critical balance against the risks of eggs in too few baskets!
A third option is to join one of the many networks or affiliation groups that have emerged within the profession in recent times. Some have been formed as training consortia or fora for sharing best practice. Others are marketing groups established solely to generate legal work often with referral fees attached. Many come and go, some offer real value for money. Some might just provide a vehicle for small and medium sized firms to compete with the big brands that are about to enter the legal services market place.
Contact Lawrisk if you need advice on compliance issues or if you are thinking of joining one of the solicitor networks
15th May 2009
"The biggest management challenge, and risk, for the private practice law firm at the moment is in how effectively or otherwise it manages change"
Shaping up for the future
Whilst the press talk of doom and gloom and major changes are imminent in the legal profession with the arrival of the Legal Services Act, many partnerships are talking about survival at the moment. However, those who survive and prosper will be those firms who know their clients very well, have a very clear focus on what they do and don't do and then make the best use of the people and technology resources available to generate reasonable profits.
Lawrisk is very pleased to announce its association with the Winning Firm Alliance which provides high level services to enable firms to not only survive but prosper in the challenging times ahead. The Alliance brings together experts in their fields to create a tremendous pool of knowledge and experience.
Lawrisk Director, Damon Swindell says: "as a founder member of the Winning Firm Alliance I am very pleased to be involved with a group offering complementary skills and services. The Alliance offers a true "one stop shop" for professional services to the legal profession"