The risks associated with dealing with conflicts of interest and confidentiality issues incorrectly must not be underestimated by law firms. Not only can this have adverse regulatory consequences, but breaches of duties in these areas can lead to reputational loss, damaged client relationships, and professional indemnity implications. Success in achieving the SRA Outcomes relating to conflicts of interest and confidentiality is a key indicator that a firm’s compliance systems are effective.
Fully updated for its second edition, this practical guide will help you to develop effective systems and controls to ensure compliance in client matters. It examines the key factors that must be taken into account in order to develop effective systems and controls for a firm, and provides critical guidance on how to reduce relationship threatening conflicts, and ensure that risks are identified and dealt with quickly and effectively at both a strategic and operational level.
Practical guidance, case studies, updated case law, and examples are provided on:
- How to manage client expectations;
- The overlap with client care and other conduct duties;
- What the SRA expects in terms of systems and controls;
- High risk situations, including fee earners moving firms and firm mergers; and
- The risks relating to certain practice areas, business models, and SRA level 1 risks (a sample risk register is also included).
Plus, a step-by-step framework on how to health-check your firm's compliance systems and review the suitability of its policies and methods is included.
Download the executive summary here
Chapter 1: Overview and the duties owed to the client
Chapter 2: Conflicts of interest
Chapter 3: Confidentiality and disclosure
Chapter 4: Compliance checks – Health checking your systems
Chapter 5: The importance of retainer terms
Chapter 6: Other client care issues
Chapter 7: Conclusion