Law Firm Risk & Compliance
Anti money laundering and counter terrorist funding regulations are now essential reading for any managers of a legal business. The penalties for getting it wrong are severe. Cann Consultancy has experience of designing policies and procedures to comply with the regulations and practice notes, implementing them in the business, and training owners and staff to follow them. We can even supply a telephone hotline for your day to day questions on compliance in this area.
Cann Consultancy has project managed the introduction of Lexcel and Investors in People standards to a busy general practice and can guide your business to achieving these standards through practical use of your existing IT systems.
The majority of law firms have now had at least one SRA visit. Cann Consultancy has experience of managing both the standard PSU audit, and the forensic investigation team investigation. Whether you have a date for your first/next audit or anticipate that it will not be far away, Cann Consultancy can help you to prepare for that visit and remove some of the anxiety you must be feeling at the prospect.
For all those businesses that have managed to survive the recession, the biggest risk they face is the huge cash drain that future growth plans will make on their resources. Cann Consultancy has extensive experience with hands on management of working capital and lock-up, providing proven systems, training/coaching at all levels, and management information to maximise the cash available to your business.
The greatest risk to all legal businesses is their clients. Ensuring that only profitable clients are accepted, that they are not money launderers nor terrorists, that their retainer is accepted on the correct terms, that they are communicated with effectively and billed in a timely fashion, and that their matter is closed properly are all tasks that most fee earners see as a bureaucratic barrier to doing their job. Effective use of IT and systems can make such procedures easy for those at the coal face to follow leading to good habits and increased performance for the business.
