Crowe highlights challenges facing regional law firms
Law firms across the Midlands will be meeting in Oldbury to discuss the challenges and issues facing the legal sector as 2023 draws to a close.
National audit, tax, advisory and risk firm Crowe is hosting a regional update meeting for law firm compliance officers for finance and administration and compliance officers for legal practice along with senior members of their finance and compliance teams.
The meeting at Crowe's offices at Black Country House, Rounds Green Road, is on Tuesday, November 28 from 8am to 9.30 am.
Crowe partner Ross Prince, who heads up the professional practices team in the Midlands office, said: “Our COFA Network meets quarterly to discuss compliance challenges, hot topics and provide sector updates. There will be an opportunity for everyone to share queries, concerns and ideas, and get involved in the round table discussions.”
He saidthat issues under the spotlight currently include the Solicitors Regulation Authority’s 2022-2023 Anti-Money Laundering annual report.
The report reminds law firms that from July 2022, fines on regulated firms and individuals rose from a maximum of £2,000 up to a new limit of £25,000.
However, the SRA can impose a fine of up to £250 million on an alternative business structure, also known as a licensed body, and up to £50m on managers and employees of an ABS.
Another area where law firms must be vigilant concerns the workplace environment, and the inherent risks in failing to protect and support colleagues. The latest SRA update, details here, provides five case study examples of areas of concern.
Mr Prince said other areas causing concern across the legal profession included the lack of disaster recovery planning for issues such as a cyber attack, an IT crash or physical event such as a fire.
And in an environment of fluctuating interest rates, the subject of what is considered a fair rate for client account interest will also be discussed.
He said: “Firms must account to clients for a ‘fair amount’, which can be interpreted in many different ways, but typically we see firms paying what the client would get from an instant access deposit account at their bank.”
To book a free place at the Oldbury event e-mail nathan.sanghera@crowe.co.uk
