So, with spreadsheets at the ready, here are the real cuts being inflicted on 1st July 2015 and 11 January 2016. No rhetoric, just simply and brutal calculations laid bare for all to see. It is worth remembering the role of compliance officers:
The roles of Compliance Officers for Legal Practice (COLPs) and for Finance and Administration (COFAs) are an integral part of our move to outcomes-focused regulation and key to our aim that firms will take responsibility for managing risks to their delivery of legal services. The COLP and COFA should be champions of risk management and compliance within a firm, and will have responsibility for the firm’s systems and controls. They are responsible for ensuring processes are in place to enable the firm, its managers and employees and anyone who has any interest in the firm to comply with Handbook requirements on them.
So, where does that leave your firm? What analysis has been carried out? What will be the true impact of these cuts on you and from a regulatory perspective your clients and the legal aid fund?
Somewhat surprising that the regulator has so far remained quiet on this issue. Or, perhaps it hasn’t, see here.
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