Legal Services Act 2007 Guide -
Appointing a COLP and COFA
As part of the Legal Services Act 2007, from March 31st 2012 the
Solicitors' Regulation Authority requires all firms to appoint a
COLP - Compliance Office for Legal Practice and a COFA - Compliance
Officer for Finance and Administration.
Part 3 of our guide explains this aspect of the law in greater
detail.
The individuals that you choose to appoint must have sufficient
seniority in your firm that they can identify, mitigate and then
manage risk. Whilst many firms will already have the correct
systems in place to manage their risk, by appointing a COFA and
COLP you will have an excellent opportunity to review your current
risk management structures.
In smaller firms the COLP and COFA could be the same person but in
larger firms, these roles should really be taken by dedicated
individuals. Ideally these people will come from your legal
compliance and finance teams and will have the right support,
knowledge and experience to fulfil their duties.
For more information about the roles of COLP and COFA, please
contact Mike Buxton at Mitchell Charlesworth.
Go to Part 4 - New
Solicitors' Accounts Rules (Outcomes Focused
Regulation)
For more information, please contact Mike Buxton on tel:
0151 255 2300 or email: mike.buxton@mitchellcharlesworth.co.uk