SRA Handbook 2011: A Brave New World
Benefits
After completing all training podcasts in this bundle you will:
- Understand what ‘outcome focussed regulation is about and how it will affect the day-to-day operation of legal practices regulated by the SRA
- Understand how the new SRA Handbook governs the appreciation and management of risk within regulated legal practices, what this means for the internal monitoring of risk and who is responsible for the compliance burden
- Understand the opportunities for external investment into law firms made possible by the Legal Services Act 2007, the issues associated with external investment and how those issues can be managed
- Appreciate the increasing scope for legal practices to outsource areas of their legal work, administration or ancillary services and how this can be managed to comply with the requirements and governing principles set out in the new SRA Handbook
- Appreciate the direction of travel and issues associated with the introduction of Alternative Business Structures and Legal Disciplinary Partnerships as players in the provision of legal services
Training Bundle Overview
The SRA introduced a new SRA Handbook governing the regulation of all solicitors in October 2011. This new Handbook responds to the enactment and implementation of the Legal Services Act 2007 and incorporates a new theme of ‘outcome focussed regulation’ for those involved in the provision of profession legal services. This podcast looks at a range of interesting topics including OFR, managing risk and compliance, outsourcing, external financing for law firms and ABSs.
- CPD Points:
- This bundle can provide up to 5 points details »
- Price:
- £299 (includes unlimited access until the end of 2012!)
- Suitable for:
- Solicitors
- Practice Area:
- Practice Management, Marketing & Skills
- Contributors:
What is a CPDcast Bundle?
CPDcast training bundles contain a hand-picked selection of our CPDcasts that together will provide you with a discrete in-depth analysis of specific legal developments from scrutiny of the statutes and case law to practical application.
Contents
SRA Handbook 2011 contains the following CPDcasts:
- with Rachel Khiara from Khiara Law LLP
This podcast is aimed at solicitors and is focused on the dramatic changes proposed to the regulation of the profession after October 2011. It will discuss what outcome focused regulation is and how it differs from the current approach to regulation of the solicitors’ profession. The podcast will then go on to look at some examples of how the new framework may work in practice with reference to day to day scenarios encountered by solicitors.
NB: THIS PODCAST HAS NOT BEEN ACCREDITED BY THE BAR STANDARDS BOARD
After completing this course you will:
- Know what OFR is and where it has come from;
- Understand the key points of difference between the old Solicitors’ Handbook and the new one;
- Be aware of some of the key contexts in which the new Code will apply and how this is different to what practitioners have previously know;
- Understand the timetable for the move towards OFR.
- with Rachel Khiara from Khiara Law LLP
This podcast is aimed at solicitors, specifically those wishing to know more about outsourcing as part of their practice. It aims to explore the concept of outsourcing and why it might be necessary or even beneficial. It sets out the relevant outcomes and principles that should be applied to any decision to outsource under the Solicitor’s Handbook and what safeguards may need to be put in place to deal with conflicts of interest, client care and the standard of work. This podcast will also touch on the possible impact of outsourcing on trainee solicitors.
THIS PODCAST IS NOT ACCREDITED BY THE BAR STANDARDS BOARD
After completing this course you will:
- Understand what outsourcing means;
- Understand the key drivers for outsourcing;
- Know the key outcomes and principles to be applied to any outsourcing relationship;
- Understand what matters can or should be outsourced;
- Know how to manage issues such as conflicts of interest, privilege, independence and standards of work;
- Be aware of the key risks when outsourcing;
- Understand where liability for outsourced work lies;
- Understand the extent to which a client’s view should be considered if their matter is to be outsourced.
- with Rachel Khiara from Khiara Law LLP and David Furst from Crowe Clark Whitehill
This podcast is aimed at solicitors’ practices interested in the changes brought about by the Legal Services Act 2007. It aims to set out the financial opportunities brought about by the legislation and how external finance compares to other traditional sources of firm finance. It aims to set out the key factors an investor will be looking at when deciding where to put their money and what they might exact in return. Focus will also be given to potential external finance has to create discord within a legal practice and how that might be managed. What are the areas of practice likely to be attractive to an investor? What role do tax and generational issues have in the future of law firms and what can the legal sector learn from industries already opened up to external financing?
THIS PODCAST IS NOT ACCREDITED BY THE BAR STANDARDS BOARD
After completing this course you will:
- Understand the potential opportunities external financing can bring to a legal practice;
- Be aware of the potential risks of external financing;
- Know what are likely to be the key performance indicators that will make a firm an attractive investment proposition;
- Understand how the dynamic of a legal practice can change if external finance is brought in and how this can be managed;
- Be aware of the likely changes a external source of finance might make to a legal practice;
- Know which are the likely practice areas an external financier will be interested in.
- with Rachel Khiara from Khiara Law LLP and Corinne Staves from Maurice Turnor Gardner
This podcast is aimed at solicitors’ practices concerned about compliance issues under the new Solicitors’ Handbook 2011. It will set out how firms should go about assessing their own risk profile and what the new Handbook has to say about how risk is assessed and managed within firms. It will address the new roles of COLP and COFA and what practical systems need to be implemented to allow them to ‘cut across’ a firm’s activities. The podcast then goes on to address how the future relationship between a firm and the SRA will work in terms of reporting and compliance and what happens if risks are perceived to be hazardous to the public.
THIS PODCAST IS NOT ACCREDITED BY THE BAR STANDARDS BOARD
After completing this course you will:
- How the approach of the 2011 Handbook differs from its predecessors in how it deals with risk;
- Know who is responsible for managing risk in a legal practice;
- Know who can be appointed to be the posts of COLP and COFA;
- Know what practical steps a firm can take to assist the person appointed as COLP;
- Know what information individual firms will be asked to provide to the SRA and what relationship they will have with the regulator;
- Understand how a firm can demonstrate they have risk management procedures in place;
- Understand how the SRA will perceive and deal with what it perceives to be unmanaged risk in firms;
- Understand what practical issues firms could take to minimise intervention by the SRA.
- with Rachel Khiara from Khiara Law LLP
This podcast is aimed at solicitors. It addresses the changes to the way solicitors are permitted to practice under the SRA Handbook 2011. The podcast will set out the transitional changes between the old and new regulatory regimes, what steps need to be undertaken and how firms can prepare for the introduction of ABSs from 2012.
THIS PODCAST IS NOT ACCREDITED BY THE BAR STANDARDS BOARD
After completing this course you will:
- Understand how firms were permitted to practice under the previous regulatory regime and the key differences with the post-6th October 2011 regime.;
- Know whether a legal practice will be classified as a Recognised Body or a Licensed Body under the new Handbook;
- Understand the status of a law firm with permitted non-lawyer participation and the key de minimis thresholds;
- Understand the timetabling of changes and the key dates by which changes must be implemented.;
- Be aware of the position for firms which have already been in discussions with non-lawyer participants;
- Understand the extent to which Recognised Bodies and Licensed Bodies are regulated;
- Know who can be a so-called manager or participate in Recognised Bodies or Licensed Bodies;
- Know about the new regulatory and compliance roles of COLP and COFA and who can hold these positions;
- Be aware of the potential for regulatory conflict and how this will be dealt with.
Contributors
SRA Handbook 2011 features the following legal experts:
Furst, David (Crowe Clark Whitehill)
David is a partner in Crowe Clark Whitehill’s Professional Practices Group and Chairman of Crowe Clark Whitehill.
David’s background is in tax but his client work is now focused on the provision of strategic and management advice for professional clients. He advises firms and partners on partnership disputes and is a CEDR accredited mediator. He has provided practical advice to firms moving to LLP status and is advising firms on the opportunities and challenges afforded by the Legal Services Reforms.
Until April 2004 he was the firm’s Chief Executive and before that Finance Partner. He sat on the Board of Crowe Horwath International from 1998 until 2008. He was a founding committee member of The Association of Partnership Practitioners.
Khiara, Rachel (Khiara Law LLP)
"Rachel Khiara's growing presence in the market is noted and she is recognised for her non-contentious practice" Chambers & Partners Directory 2012"
Rachel Khiara, Principal at Khiara Law LLP, is a pre-eminent advisor in the professional practices sector, working with leading and niche firms, and new entrants into the legal services sector on a wide range of constitutional, financial and structuring issues. Rachel has a particular specialisation for regulatory and compliance work and sat on the Solicitors Regulation Authority's ABS/OFR Committee. Prior to founding Khiara Law LLP, Rachel was a Partner at Addleshaw Goddard LLP and Counsel at Allen & Overy LLP.
Staves, Corinne (Maurice Turnor Gardner)
Corinne advises on UK and international estate planning and individual taxation. She also advises on partnerships, limited partnerships and LLPs, both in relation to their use as family wealth planning vehicles, as well as for professional practices, funds, fund managers and joint ventures.
She obtained her BA from Newcastle University before joining Allen & Overy LLP as a trainee in 2003. Corinne is a member of the Society of Trust and Estate Practitioners and the Association of Partnership Practitioners and has been part of working parties on the reform of limited partnerships and the application of the Companies Act 2006 to LLPs.
