Telephone: 01244 571440
Email: enquiries@distinctivepartnerships.com

Training:

31/03/2013

Monthly Feature Course

Effective File Reviewing

Testimonials:

80 Partner Firm

“Your input has proved to be invaluable in driving our own processes forward and being able to deliver a high quality service to our clients.” Partner, 80 Partner Firm
Read more

Contact:

Telephone:
01244 571440

Email:
enquiries@distinctivepartnerships.com

Address:
Distinctive Partnerships Limited
Audit House
Rossett Business Village
Llyndir Lane
Rossett
LL12 0AY
DX 742000 ROSSETT

HELP I’M THE COLP!

First Year Costs

There are, without doubt, numerous challenges relating to the COLP role.
The biggest is most definitely available time. It is estimated that the required COLP functions could, in the first year, for a firm employing 5 fee earners cost in excess of £42,000*. 

DIY or Expertise?

The Rules do not allow the appointment of an external COLP, nor the delegation of accountability. It is however possible to task others to “do the leg work” of creating systems, policies and procedures (equality, publicity, fee sharing, client care, whistle blowing etc) whilst retaining overall responsibility. For COLP’s who choose to task internal members of staff there is still the “quicker to do it myself" conundrum as well as the question of expertise. By choosing the services of an expert you maintain your responsibility as COLP with peace of mind you are receiving technical, detailed knowledge from the experts. 

Setting up the COLP role and function is unfortunately only where your time commitment starts. 

Calling Time ...

“Burning the midnight oil” is a phrase we often hear when first talking to a firm about relieving the growing regulatory burden.  Many nominated COLP’s already have a full case load and often have many other management tasks to complete in a week. 

The initial gap analysis is time consuming and after the policies and procedures have been implemented there needs to be a clear, documented audit trail to ensure the systems are effective. 

Regular procedure updates are needed together with the monthly review of trends and actions arising out of the analysis. Being able to demonstrate the proactive identification, prioritisation and management of risk on every level requires focused attention. 

Any errors or lack of staff training on compliance matters, may result in the consideration of whether a breach is material or not, resulting in the breach being reported to the SRA. The consequences of investigation and potential exposure may lead to litigation or prosecution. 

Make your best business risk decision and contact Helen Glaze on 01244 571440 or email helenglaze@distinctivepartnerships.com to discuss your specific requirements.

Why start from scratch?

* based on initial set up of procedures of 40 hours plus on going 20 hours per month and a charge out rate of £150 per hour