Strengthening Compliance for a London-Based Law Firm
Transforming SRA Compliance Challenges into Long-Term Partnership!
A well-established London law firm approached us ahead of a scheduled compliance review by Solicitors Regulation Authority (SRA). With a manual client account reconciliation process and an upcoming SRA visit, they needed urgent, expert support to review and strengthen their financial systems to ensure full regulatory compliance.
Pre-SRA Visit Preparation
Understanding the critical nature of SRA compliance, we immediately allocated additional resources and dedicated staff to the project. Working intensively alongside the firm, we reviewed their existing reconciliation records, identified gaps, and began transitioning their manual processes to a software-based client account reconciliation system designed to meet SRA requirements.
System Review and Advisory
Once the reconciliations were fully compiled and completed, we prepared a comprehensive internal report outlining:
- Identified system weaknesses and process gaps.
- Areas of potential regulatory concern.
- Practical recommendations to enhance compliance and strengthen internal controls.
- This proactive approach ensured the firm had a clear understanding of their risk areas ahead of the official SRA inspection.
SRA Visit Outcome
The SRA conducted their visit and issued a compliance report. Notably, the regulator’s findings closely aligned with the issues we had identified and addressed prior to the inspection — validating the accuracy and depth of our review process. As a result, the firm was well-prepared, with corrective measures already underway.
Long-Term Partnership
The client expressed a high level of satisfaction with the quality and speed of our work. Following this successful engagement, they appointed us as their permanent bookkeeping and accounting partner. In addition, the firm referred several new clients, reflecting the trust and confidence built through our collaborative approach.
Outcome
Through rapid mobilisation, detailed review, and expert advisory, we helped the firm move from a manual, high-risk reconciliation process to a compliant, software-driven system. This not only ensured a smooth SRA inspection but also strengthened their internal financial governance for the long term.
Proactive compliance, operational efficiency, and trusted partnership — supporting law firms to meet the highest regulatory standards.
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