December Newsletter

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December Newsletter

The Institute of Legal Research & Standards

NOVEMBER 2019- ARTICLES & ITEMS OF INTEREST

 

TOP TEN TIPS TO EFFECTIVELY MANAGE RISK WITHIN YOUR FIRM

In this month’s Gazette Julie Brennan, Managing Director of the Institute of Legal Research and Standards (ILRS) has written an article setting out tips to manage risk within your firm more effectively.  She states that as “PII renewal approaches in a market with a reduced number of insurers and increased premiums almost guaranteed for many law firms that the time has come to manage risk more effectively.”

Julie Brennan sets out and discusses the top ten tips to effectively manage risk namely: –

  • Good client engagement procedures
  • Manage your critical registers
  • Use your case management system effectively
  • Implement a file audit system
  • Regularly monitor your own files
  • Get everyone involved
  • Allocate time and sufficient resources to this process
  • Review policies and procedures at least annually
  • Blame-free culture
  • Seek outside assistance

To view this article and the top ten tips in detail see https://www.lawsociety.ie/globalassets/documents/gazette/gazette-pdfs/gazette-2019/november-2019-gazette.pdf#page=29

 

HEAD OF RISK AND COMPLIANCE OF THE LAW SOCIETY OF ENGLAND AND WALES DISCUSSES RISK ASSESSMENTS

Pearl Moses, Head of the Risk and Compliance of the Law Society of England and Wales has written a blog about getting firm’s risk assessment in order.  The SRA has issued a revised warning notice to its profession that they are going to carry out widespread checks on 7000 firms following fears that many are doing little or nothing to meet their money laundering obligations.

Earlier in 2019 the SRA published its latest Anti-Money Laundering Thematic Review which found that 135 of 400 risk assessments submitted were dated after the SRA request went out.

She speaks of the need to have effective and functioning risk assessment policies and procedures written down and kept up to date. She also sets out the risks to be considered.

To read this blog in full see https://www.lawsociety.org.uk/news/blog/getting-your-risk-assessment-in-order/

 

DATA PROTECTION AND BREXIT

The Data Protection Commission has published a guidance note on Data Protection and Brexit setting out in question and answer format on how a “no deal” Brexit might impact controllers and what steps they should take.

 

It has a section headed “In what situations might Brexit impact an organisation?”, which contains a non-exhaustive list of questions for organisations to consider to enable them to access the impact of Brexit on their current data processing arrangements.

 

To read this guidance note see https://www.dataprotection.ie/sites/default/files/uploads/2019-11/Brexit%20FAQ%20November%20update.pdf

 

 

LSRA AND COMPLAINTS PREVIOUSLY DEALT WITH BY THE LAW SOCIETY

As you are all by now aware the legislation transferring responsibility for complaints handling from the Law Society to the Legal Services Regulatory Authority came into effect on the 7th October last.

 

In this month’s Gazette there is a note setting out what is to be done where a complainant attempts to reopen a complaint with the Legal Services Regulatory Authority that was previously dealt with and decided by the Law Society.

 

To view this note see https://www.lawsociety.ie/globalassets/documents/gazette/gazette-pdfs/gazette-2019/november-2019-gazette.pdf#page=19

 

KEY FINDINGS OF SMITH & WILLIAMSONS 2019 LAW FIRM SURVEY

Now in its twenty-fifth year, Smith & Williamsons annual survey received responses from over 130 senior executives within law firm management structures from across the UK which reflects a good response rate and indicative of how the legal market is feeling at this moment in time.

 

The 2019 law firm survey noted the following key findings: –

 

  • Top three priorities noted by law firms are cyber security, automation of manual services and improving the client experience.
  • Confidence levels have fallen.
  • Pure LLP structure is found not to be the best arrangement to take these organisations forward.
  • Continued competitive pressure from traditional UK firms, US firms and the Big 4 accountants.
  • Fear of being able to retain its skilled and good people.

 

To view the above see https://smithandwilliamson.com/en/campaigns/law-firm-survey-2019/