Large law firms

Compli specialises in providing large law firms with bespoke and where possible fixed price solutions for a whole range of regulatory and compliance issues – from COLP and COFA support, to dealing with one-off project work that may give rise to peculiar regulatory issues.

We have developed management information software and reports that reveal the sources and true cost of claims and complaints, allowing trends to be identified and addressed. These systems can give a graphic insight into a firm’s claims and complaints portfolio and capture relevant COLP and COFA reporting information. The system facilitates the quantification of the cost of non-compliance and poor systems. Although often ignored, this is a factor affecting profitability and which can influence future investment decisions.

We can offer resources to deal with urgent issues that arise from time to time in all organisations. Rather then reassigning busy fee earners to deal with such projects with the attendant dislocation and cost to the business – we can provide appropriate and effective support on a temporary or longer term basis, allowing firms to avoid the costs incurred by employing additional staff for something which will be short lived.

Please see the list below for an overview of our core service offerings.

  • Claims and complaints

    Outsourcing claims handling in part or in whole to our team could generate significant savings by releasing lawyers to deal with other more profitable business, safe in the knowledge that our team are proven experts in the conduct of professional negligence claims and complaints handling.

  • Data management/ management information

    Many firms have little knowledge of the true cost of claims and compliance, yet access to such information can be used to refine the claims-handling process. Our MI reporting suite can be used for both internal and external purposes, enabling the regulatory and compliance team to report in a transparent fashion and provide valuable insights into the risks and costs the business faces. These can be used at board level to help inform future investment and strategic decisions by identifying areas of vulnerability and promoting review of business model efficacy for particular work types. Use of the data to implement change can also drive cost savings and reduce the cost of insurance premiums. The reports may also satisfy the regulator and professional indemnity insurers about systems and procedures and the firm’s attitude to risk.

  • File or systems audit

    Auditing is a fundamental management and supervisory tool, helping to ensure legal and regulatory compliance. It provides clear evidence that advice is being given to clients in a consistent and appropriate manner and in accordance with the firm’s policies and procedures. Our risk management consultants can review your firm’s procedures, and work with you to tailor them to your specific needs. Our file auditing service can also identify key risk areas which may give rise to claims or complaints allowing them to be addressed. Our findings can be provided via a suite of bespoke reports which identify trends and thus enable improvements to be made either by way of training or by refining systems and checks. We are used to dealing with emergency situations that arise from time to time in every practice, requiring urgent review and implementation of an action plan.

  • Work procurement advice

    As new and more innovative referral agreements are being contemplated, firms need to be confident that such arrangements do not fall foul of professional practice and regulatory rules. We can vet such schemes to ensure that the reputation and integrity of the firm is protected. Typically, the provision of training to identify such arrangements can promote workable solutions in client negotiations. Such training will help to ensure that in particular those tasked with business development roles recognise the parameters within which they must work.

  • Structural advice

    We can review the structure and configuration of your business and identify whether alternative structures would be more profitable and commercially robust. We advise and guide firms through the myriad of options to help them reach their optimal business structure to survive, compete and thrive in this fast-changing business arena. We have significant experience of dealing with mergers and acquisitions in the legal services sector.

  • Advice on new ways of working

    In response to market changes many firms are, or will be, selling solutions and products for fixed or annual fees or product prices, with paralegals handling more routine work. As such services evolve it is important to ensure that risk profiling is undertaken, as this will determine the viability, efficiency and profitability of new business models. Our team can work with you to assess the risks associated with novel products and produce a software solution to monitor performance and risk by tracking and analysing key performance indicators.

  • Professional indemnity insurance renewal advice

    We can provide firms with a service which may procure reduced insurance premiums by utilising our core Compli service.

  • Secondment

    Arranging a secondment of one or more of our team of experts is a cost effective way of providing additional resource whilst ensuring that savings are made in costs of recruitment, employment and training. Secondees may be deployed to manage or implement particular regulatory projects, or to undertake a hands-on audit function.



Share on Twitter