Pictured: Johnathan Dudley
Accountants and advisers have a big role to play in helping law
firms adjust to the so-called Tesco Law.
That is the prediction from Johnathan Dudley, Midlands Managing
Partner and Head of the Midlands Professional Practices group at
national audit, tax and advisory business, Crowe Clark Whitehill,
which is set to explain some of the ins and the outs of the issue
at a Midlands Solicitors Special Interest Group breakfast seminar
being held on Wednesday, January 25.
It takes place at Crowe Clark Whitehill's offices at Black
Country House, Rounds Green Road, Oldbury, B69 2DG, 8.00am for
8.30am and lasts for one hour.
It comes as lawyers wrestle with how best to keep themselves
competitive as government regulatory reform this year opens up the
sector to challenges of all kinds - from supermarkets to financial
service businesses - and the Solicitors Regulatory Authority (SRA)
change their rules to cater for this "new world".
A law firm must appoint a Compliance Officer for Legal Practice
(COLP) and a Compliance Officer for Finance and Administration
(COFA) by the end of March and tell the SRA who they are.
Mr Dudley said: "The two new roles cannot be under estimated,
they are responsible and important. Both officers need to
demonstrate their suitability to the SRA who must approve the
appointment.
"This seminar will look at the requirements of the two
positions, helping to identify the type of person who is suitable
for each and give practical guidance as to how to undertake the
role on an on-going basis."
Building on the theme, Alternative Business Structures (ABS)
will be the topic at the next seminar on April 25.
The new ABSs are regulated organisations, which provide legal
services and have some form of non-lawyer involvement. This
involvement can either be at the management level as a partner,
director or member, or as an owner, for an example, an investor or
shareholder.
Mr Dudley said: "Much has been written and said about ABSs and
the types of organisation that will offer legal services once the
Legal Services Act is fully operational. What will be the
best way forward for your firm, for your people and for your
clients?
"We will examine the different structures available and the
challenge of financing law firms in the future. We will look at the
messages coming from our benchmark surveys and the lessons that can
be learnt from these."
Two more meetings complete the 2012 programme - a Partnership
Tax Briefing on July 18 and Managing your Lock Up on October
17.
All the seminars take place at Black Country House and all
qualify as accredited courses for the purpose of The Law Society's
Continuing Professional Development scheme.
For more information about Crowe Clark Whitehill, please visit
their website here: www.croweclarkwhitehill.co.uk