SRA Applications for New Firms
Compliance Services For Law Firms
If you are looking to launch a new Law Firm and obtain authorisation with the Solicitors Regulation Authority, the Regulation and Compliance Office can assist you in securing the appropriate authorisation.
We can manage all types of new applications for a Law Firm, including:
- Sole Practitioners
- Partnerships
- Limited Liability Partnerships
- Limited Companies
We will discuss with you and guide you on the appropriate structure of the Firm and type of authorisation and whether you should be:
- An Authorised Body or
- A Licenced Body – Alternative Business Structure (ABS)
One of these will be relevant, and this will largely depend on the ownership of the Firm.
Using the Regulation and Compliance Office will help to ensure the application is correct and the authorisation process is as smooth as possible.
What is involved?
There are various steps to obtaining authorisation, and we can guide you through each step, taking on the tasks associated with each step, or we can even perform certain steps.
Each of the following is necessary for the purpose of a successful application:
- Discovery Process – this is to understand your proposed Firm and to ensure the correct application is made.
- Business Plan, Forecasts and Projections – you will require this for an Insurance quotation.
- Professional Indemnity Insurance (PII) Application – you will require a PII quotation for the SRA to accept and process your application.
- Completion of SRA Application Forms for Firms – Completion of all appropriate forms required for the Firm.
- Completion of SRA Application Forms for individuals – Completion of all appropriate individuals’ forms, COLP, COFA, MLRO, Insurance Distribution (where relevant), and Training Principal (where relevant).
- Liaising with the SRA – Engaging with and liaising with the SRA through the Application Process to obtain the authorisation.
- Post Authorisation: There are a number of steps that are required post-authorisation, which will include:
- Creation of HMRC accounts (Tax/VAT/PAYE)
- Creation and Implementation of Policies Controls and Procedure for compliance purposes
- Case Management System choice and implementation
- Accounts System choice and implementation
- Recruitment and Selection
- Training:
- COLP
- COFA
- MLRO
- MLR 2017
- Codes of Conduct
- Accounts Rules
- Management
- GDPR
- Equality and Diversity.
Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your Law Firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk