Preparing your Firm for the Referral Fee Ban

Is your firm ready for the referral fee ban?

For the first time since 2004, lawyers will not be able to pay third parties for referring clients.

This means, at the very least, that you’ll need to assess your systems and procedures to ensure your firm meets regulatory compliance standards.

You’ll also need to identify whether your working methods are placing your firm in breach and make changes (if necessary), and ensure you are able to demonstrate the changes made.

Managing Partner’s report on Preparing Your Firm for the Referral Fee Ban is designed to assist you in tackling this critical need to change.

It highlights the regulatory issues raised by the changes in LASPO, and provides practical tips on how to plan for the necessary modifications to working systems in order to succeed. Topics covered will ensure a clear understanding of:

• Why the changes have been made;
• The financial impact and risks your firm will be exposed to;
• The response of the SRA;
• The SRA Handbook changes and the SRA’s draft supervision and enforcement strategy;
• How to perform a health-check on your firm and plan for necessary modifications (suggestions included);
• How to adapt and work with the ban to avoid revenue and compliance issues; and
• The bigger picture about LASPO and what’s on the horizon.

Included you’ll also find a step-by-step health check for assessing your firm's compliance, as well as a checklist to help keep track of the progress of your review and assign responsibility for action points.

And, in a unique case study interview, Adele Jones, compliance and risk director of New Law Solicitors provides valuable insight into the steps which her firm has taken to accommodate the changes.

Preparing Your Firm for the Referral Fee Ban is essential reading for all legal professionals with compliance responsibilities including COLPs, COFAs, partners, directors, department heads and prospective ABS applicants