When the SRA Comes Calling: Managing Regulatory Risk Before It Becomes an Investigation

Regulatory issues within law firms rarely emerge from a single serious breach. More often, they develop gradually through weak controls, unmanaged conflicts, poor file management, inadequate supervision, financial compliance failures, ineffective reporting processes, or breakdowns in governance systems. By the time concerns escalate into regulatory investigations, many firms discover that the underlying problems have existed for months or years.

This session examines regulatory risk in legal practice from a practical law firm management perspective. Drawing on experience across regulatory investigations, compliance management, and legal practice operations, the webinar explores common sources of regulatory exposure, how issues are identified by regulators, and the practical systems firms use to reduce risk before concerns escalate. Participants will gain practical insight into how effective compliance frameworks support both regulatory obligations and broader practice resilience.

Key Topics Discussed

• Common causes of SRA investigations
• Governance and supervision failures
• COLP and COFA responsibilities in practice
• File management and record-keeping risks
• Financial controls and compliance monitoring
• AML and client due diligence failures
• Internal reporting and escalation processes
• Risk registers and compliance frameworks
• Lexcel and quality management systems
• Managing complaints and conduct concerns
• Building a proactive compliance culture
• Lessons from regulatory investigations