The practicalities of managing coronavirus (COVID-19) has an impact on law firms’ ability to meet their regulatory obligations.
To assist firms at this challenging time, the SRA has created a coronavirus update webpage and provided a response to a number of common regulatory queries.
A few key areas where firms should have contingency plans include:
The challenges of remote working and social-distancing may also introduce delay in the completion of Accountant’s Reports. The SRA currently acknowledges that these are exceptional circumstances and will take ‘a pragmatic and proportionate approach to any delay in the preparation of an Accountant’s Report.’
The SRA webpage contains more useful examples and will be updated as the situation develops. It is recommended reading for law firm Managers, COLPs and COFAs.
The uncertainty of the COVID-19 pandemic is forcing firms to focus on cashflow. Cash is king - are you maximising your cash in and managing your cash out?
COVID-19 related webinars