A special forum for law firms is proving a big success, according to the Midlands office of national audit, tax and advisory firm Crowe Clark Whitehill.
New rules were introduced last year by the Solicitors Regulatory Authority requiring all firms of solicitors to appoint Compliance Officers for Finance and Administration (COFA), which prompted Crowe Clark Whitehill to launch its COFA Network.
“It has been going from strength to strength with increasing numbers attending the meetings,” said audit manager Ross Prince, who runs the Network.
A recent training day for members was also well attended.
The next Network meeting takes place on Wednesday, July 10, at the firm’s Midlands offices, at 8am for an 8.30am start, finishing at 9.30pm, with an opportunity to continue discussions over breakfast.
The new network has been welcomed by those who have attended and joined.
Jonathan Gamble, head of finance at Challinors, said: “I believe COFA Networks are essential for support and assistance and the cross sharing of ideas and solutions. I myself have found the discussions and the insight from guest speakers from the SRA not only useful but essential in understanding a role still in its infancy.”
Julian Powell, business director at Hallmark Hulme, commented: “Our thanks to Ross Prince and the team at Crowe Clark Whitehill for setting up the COFA Network.
“With the new SRA regulations it has been reassuring to receive valuable support from Crowe Clark Whitehill and share experiences with peers. It’s been good to discover we all face the same issues and challenges and put our heads together to find constructive solutions.”
Crowe Clark Whitehill’s Ross Prince said: “It is all about sharing good ideas and practical experience. It is going really well.
“The new Solicitors Regulation Authority regulatory compliance reporting regime was a big challenge for many law firms and people have to some extent been feeling their way.
“A COFA can prove a lonely position as the various individuals seek to monitor other members of their firms.
“It is therefore important to provide a forum where views can be exchanged and also to provide an opportunity to reflect on how others have addressed some of the matters which have arisen. This forum allows COFAs to get together with their peers to discuss common issues they face, review best practice and receive appropriate training, all with a view to helping them fulfil their role effectively.
“We believe that Crowe Clark Whitehill can play a major part in guiding law firms through this regulatory minefield, supporting the holders of this responsible and important role whilst also looking for opportunities that benefit the firm’s activities.”