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Your COFA should live, sleep, eat and breathe financial management. This isn’t optional; rule 1 of the Accounts Rules demands compliance with the SRA principles and Code of Conduct in relation to effective financial management of the firm. So what is effective financial management? Outcomes-focused regulation usually means you have to guess what the SRA expects; however, in a rare moment of clarity, the SRA has explained exactly what good and bad financial management looks like.

Requiring all 10,000 law firms to report non-material breaches to the Solicitors Regulation Authority is “unsustainable and cannot be justified”, the regulator’s board will be told today. Meanwhile, the number of firms and individuals facing action over COLP/COFA nomination failures has risen to 928.

The total number of firms and individuals in trouble with the Solicitors Regulation Authority over nominations for compliance officers has risen by a third in the past month to nearly 800, it has emerged.

More than two months since law firms were meant to have their compliance officers in place, around 300 firms still do not have them, the Solicitors Regulation Authority has revealed. This is a mix of firms that have not had their nominations approved and those that have still not nominated at all.

IRIS Legal is delighted to announce the signing of its first partnership agreement of 2013 with COLP/COFA software provider Riliance Software Ltd. In the agreement, and in response to the increasingly complex regulatory needs of UK law firms, IRIS Legal has added Riliance’s market leading COLP/COFA online service to its existing product portfolio to provide a unique service offering to the UK legal market.