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On 1st July 2007, business continuity planning becomes mandatory for lawyers and solicitors in England and Wales. This is one of the impacts of rules contained in the new ‘Solicitors' Code of Conduct’ which will be introduced on that date by the Solicitors Regulation Authority (SRA). The SRA regulates more than 100,000 solicitors in the two countries.
The regulations in question are contained in two sections of the new code:
• Continuation of the practice of the firm in the event of absences and emergencies, etc
• Management of risk.
These include the following clauses:
- Firms should have arrangements in place for assessing the risks attaching to each area of their operation.
- Risk management arrangements are unlikely to be considered adequate unless they include periodic reviews of the firm’s risk profile.
- Arrangements should not be confined to risks arising from professional negligence, but should extend to client related and business related risks of all sorts. A non-exhaustive list might include complaints (including a complaints log); client-related credit risks and exposure; claims under legislation relating to such matters as data protection; IT failures and abuses; and damage to offices.
Download a copy of the new Solicitors' Code of Conduct.
•Date: 22nd May 2007 • Region: UK •Type: Article •Topic: Service based sectors
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