COFA support services
We understand the real challenge for COFA’s lies in dealing with the day to day responsibilities of the role to ensure compliance with the SRA Accounts Rules and outcomes-focused regulations (OFR). This is especially important against the backdrop that most legal firms do not have dedicated compliance teams and in these challenging times need to focus more than ever on chargeable time and reducing administration, not increasing it.
Our COFA support services have been created for law firms to provide support to your COFA as well as helping improve financial stability for your firm. Our on-going COFA support services include:
- Initial systems and controls review – on-site risk analysis of your systems and procedures to ensure you are compliant and can benefit from improved efficiencies
- Quarterly compliance reviews – working to a pre-agreed scope, our specialists will review the operation of internal controls and carry out file sampling
- Helpline – dedicated and technical team member to advise your COFA on judging potential breaches
- Training – ranging from on-site coaching to detailed financial and commercial awareness courses for your COFA
- Reporting and presentations – attending financial or Board meetings to report on findings and outline recommendations
- Toolkits – we have a range of practical templates and checklists to use to create supporting documentation, leaving your COFA free to focus on day to day responsibilities
- Financial stability – improving profitability, cashflow and managing WIP and debtor recovery
- Temporary Financial Director support (covering illness etc.)
We have produced several articles and publications outlining the COFA and COLP roles:
Whether we work on a one-off project or provide on-going support, we aim to build a long term relationship with your firm with proactive advice. Visit our legal pages for more information on our services for legal firms.