Closing Client Files - Managing Risk, Compliance & Best Practice For Law Firms

Introduction

File closure is a key professional responsibility with the SRA and insurers. This new virtual classroom seminar will assist you in managing the risks associated with recent clients and file closures.

Ideal for supervisors, managers, and partners, this session will use case studies to examine the rules and will offer guidance on best practice.

Finally, compliance expert Paul Bennett will reflect on the changes brought about by the SRA Standards and Regulations 2019, the revised SRA guidance, and the impact on professional indemnity insurance risks.

What You Will Learn

This live and interactive session will cover the following:

• Regulatory and ownership issues
• Who owns the closed client file?
• Have you fully discharged the scope of work set out in the engagement letter?
• Why the SRA’s 2019 Standards and Regulations must be reflected in your file closure process
• Financial and accounts risks
• The SRA Solicitors Accounts Rules 2019 and the risk of residual client balances
• Tracing clients and dealing with unclaimed funds
• Why monies and client assets remain a key regulatory risk after closure
• Policies, procedures, and risk management
• Your file closure policy - what it should include
• Risk management obligations at the point of closure
• Professional indemnity insurance (PII) considerations and residual risks
• Conducting a closing file risk assessment
• Practical closure requirements
• Discharge of undertakings
• Return of original documents
• Document retention and storage
• Deletion and management of client data
• Issuing appropriate notice to clients
• Deciding whether you wish to act for the client again
• Adding value through file closure
• How effective file closure can improve risk management, compliance, and client care
• Using closure as a learning and quality-control opportunity
• Case studies
• Client engagement and file closure - what should be confirmed with the client
• Residual client balances - how firms trace and deal with missing clients
• Return of original documents and long-term document storage

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.