Christmas is generally one of the busiest times of the year but for the SRA, the run-up to this festive period is making Santa’s grotto look like a holiday camp.
As we report today, a crack team of regulators is beavering away in an attempt to help thousands of firms hit the deadline for installing new compliance officers, a requirement of the move to outcomes-focused regulation.
This is no easy task. Hundreds of firms across the UK are yet to nominate the so-called Colps and Cofas, while others have nominated individuals who are, frankly, wrong’uns, with recent bankrupts, those with multiple SDT hearings to their names and even lawyers charged with assault and battery all putting their names forward to be compliance officers.
As the SRA’s Samantha Barrass explains, the regulator is keen to work with firms but will strike down with great vengeance and furious anger those that fail to hit the deadline.
You have been warned.
Elsewhere in this issue of The Lawyer Management we reveal Alan Denton of executive coaching company The Results Centre’s top 10 tips for getting quick results in a new role, and the UK legal market gets a glimpse of K2 Analytics, the data mining tool that helped recover $20bn lost by investors in the Madoff Ponzi scheme.