The SRA’s new compliance processes haven’t been universally well received, but Matthew Tasker believes they provide an opportunity to improve practice management
All too often professional practices seem to think about their firms ?as having two separate and distinct areas in which they operate: practice and business. Many of the difficulties being experienced by small and medium-sized practices in development, adapting to change, and survival, stem from an inability to successfully marry the two philosophies.
You could look at the new OFR regime and observe that this state of affairs is being perpetuated by the regulations themselves – don’t they, after all, require every firm to have separate compliance officers taking responsibility for legal practice and financial administration? In fact there are so many overlaps between the two areas of responsibility that this train of thought could become a quicksand of academic disagreement obfuscating the material issues.
If one looks outside the profession for parallels on how businesses are run, th...
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