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Snapshot

  • Principals of law practices must remain vigilant in managing the accounting and financial aspects of the business through the adoption of good financial management systems and ensuring compliance with civic obligations.

The Regulatory Compliance Support Unit (‘RCSU’) of the Law Society received 788 enquiries on practice management in the 2017/2018 reporting period. Practice management remains one of the top three categories of enquiry to the RCSU.

In light of this, the RCSU has prepared a series of articles collectively titled ‘Management Drivers for Principal Solicitors’. In the April LSJ, Regulatory Compliance Solicitor, Frances Moffitt noted that clear compliance management systems can provide a platform to manage and monitor compliance risks. Good business management is also central to managing and growing a sustainable law practice.

Principals of law practices must remain vigilant in managing the accounting and financial aspects of the business through the adoption of good financial management systems and ensuring compliance with civic obligations.

In addition to complying with obligations under legal profession legislation and other professional obligations, principals of law practices should personally ensure that their law practice meets its:

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