Budget week: the benefits of outsourcing
It is budget week and, at the same time, many firms are busy planning for the next financial year.
It is budget week and, at the same time, many firms are busy planning for the next financial year. In addition, this week the LSB released its first stage of research on the cost of regulation to lawyers. With this in mind, we thought it would be worth exploring the benefits of outsourcing and whether it is more cost-effective.
We discussed the benefits with Martina Hogg, Lead Compliance Consultant at Compli, as part of the '60 seconds with...' feature for this week's newsletter:
Martina, outsourcing can be a cost-effective solution - what are the benefits of outsourcing your compliance function?
As well as freeing up senior members of staff to carry out cash-generating activities such as fee earning and business development, outsourcing your compliance function has the added benefit of introducing an independent point of view.
For example, if a firm was offered a large volume of personal injury work, the partner in charge of that department may be very keen to accept whereas other partners, perhaps unfamiliar with the area of work, might be reluctant. What is essentially a business and compliance issue could quickly become a personal issue, with partners not wanting to back down. An independent adviser can give an objective view and suggest the appropriate means to manage and mitigate any risks.