Regulation, Compliance and Ethics in Law Firms, Second Edition by Tracey Calvert is a well-written and concise guide to the subject. The advice is helpful whether you are a small or large firm. Sometimes though it is unclear whether the author is quoting from a source or using her own material. Having said that, a difficult subject is covered well. The case studies and examples are interesting and illuminating. There is a section on remote working and all the compliance issues coronavirus has generated. The author is correct that the success of the profession is built on its reputation – and this depends on compliance.
Regulation, compliance and ethics are the three common features of all well-run law firms. Without an understanding of regulatory expectations, compliance duties and ethical behaviours, a firm runs the risk of censure, adverse publicity, and client dissatisfaction.
In November 2019, the SRA replaced the SRA Handbook with a new regulatory toolkit called the SRA Standards and Regulations. Solicitors and everyone working in authorised law firms are now expected to achieve the behaviours in the S & R. The second edition of Regulation, Compliance and Ethics in Law Firms has been updated to include the following:
- An overview of the changes introduced by the S & R;
- Commentary on the SRA Principles and the challenges of ensuring the right response in an individual's professional and private life;
- An explanation of the two Codes of Conduct and the correct compliance response in law firms;
- Updated disciplinary decisions; and
- Case studies from leading practitioners and compliance experts.
It is essential that law firm owners and managers acknowledge and have strategies to accommodate risk management, regulatory and legal compliance and ethical values in their business. They must also have a common understanding as to how this will be achieved. This guide is intended to provide lawyers with the language, arguments and practical solutions which are needed to make this happen.