SRA COLP & COFA Reform - What Law Firms Need to Know & How to Navigate the Transition

Introduction

The SRA's proposed reforms to the COLP and COFA regime represent one of the most significant governance changes for law firms in recent years. Designed to strengthen oversight, challenge and accountability within firms, the changes raise important questions about who can hold compliance roles, how governance structures will need to evolve and what a firm's responsibilities are during the transition period.

In this new, practical and commercially focused virtual classroom seminar, Kate Burt, Founder and CEO of HiveRisk, will examine the latest position on the reforms, including the rationale behind the changes, the feedback provided by the profession, developments arising from the working group discussions, and the SRA's emerging guidance and commentary.

Consideration will also be given to which firms are likely to be affected, the key governance and operational issues firms should be considering now, and the areas where uncertainty remains.

Recent developments indicate that the focus is increasingly on individuals with unilateral decision-making authority rather than seniority alone, following amendments and clarification from the SRA.

Rather than focusing solely on the technical rules, this session will concentrate on the practical implications for law firms, helping COLPs, COFAs, managing partners, compliance teams and firm leaders understand what a proportionate and defensible response looks like.

This session will explore ways of documenting a defensible position as an interim position while the guidance continues to evolve.

What You Will Learn

This live and interactive session will cover the following:

• The background to the COLP and COFA reforms and why the SRA considers them necessary
• What is emerging from industry consultation and working group discussions
• The SRA's current guidance, expectations and areas where further clarity is anticipated
• Which firms are likely to be affected and how to assess exposure
• Governance, reporting line and decision-making considerations
• Common misconceptions and practical challenges for smaller and mid-sized firms
• Governance, reporting line and decision-making considerations
• The options available to firms considering future COLP and COFA arrangements
• What firms should be considering and documenting now

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.