Virtual Event
COFA Compliance Masterclass
Get Tickets
Free – £145.00
Virtual Event
COFA Compliance Masterclass
Get Tickets
Free – £145.00
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#1. A solicitor from ABC Law is acting for a farmer who is granting Company X with rights to put a wind farm on his land. The solicitor is advising on the contract/lease outlining the rights of the wind farm on the farmers’ land.
After the contract is completed ABC Law receive rental payments into client account each quarter.
Is this providing banking facilities?
#2. Every law firm, regardless of the type of work they do, must have their complaints handing information on their website or in another format if they don’t have a website.
#3. You have instructed an interpreter in order for your client to be able to communicate with you or to enable your client to understand Court proceedings. The cost of the interpreter is being passed on to the client. When billed, the cost is:
#4. When dealing with residual balances, instead of recording the payment to the charity from the client’s ledger, your firm moves the residual balance to a ledger in the name of the charity. The payment is then recorded and made from that ledger every six months.
Is this a breach of the SRA Accounts Rules?
#5. Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?
#6. A cyber-attack cannot be reported by the COFA as it is not mentioned in the SRA Accounts Rules and is unlikely to result in a serious breach under the SRA Accounts Rules?
#7. Your firm acted for a client in the sale of commercial premises. The transaction has been completed and the firm are in the process of accounting to the client for the net proceeds of sale. Independently of this retainer, the client’s son has instructed another solicitor in your firm to act for him in buying a flat.
The father has asked your firm to retain enough money to cover his son’s legal fees and to send the balance to him. Your firm is concerned that by transferring the money to the son you may be in breach of rule 3.3.
Is this providing banking facilities?
#8. Money received from the Legal Aid Agency on account of disbursements that are not yet incurred or paid is?
#9. A cash flow forecast is?
#10. The Legal Omsbudsman has the power to award compensation when a client wins their case. What is the highest figure the Legal Ombudsman can award?
#11. When does the Accountants Report (AR1) need to be sent to the SRA?
#12. Your firm acted for a client in the sale of commercial premises which is now completed. Your firm are in the process of accounting to him for the net proceeds of sale. Independently of this retainer, the client’s daughter has instructed another solicitor in your firm to act for her in buying a flat.
The father has asked the firm to retain enough money to cover his daughter’s legal fees and to send the balance to him.
Is this providing banking facilities?
#13. Your firm deals with estate matters and you incur and pay for probate court fees. You also pay for additional copies of the grant of probate. These copies are often sent out to third parties in order to speed up process. You pass the cost of the additional copies on to the estate.
How should you show them and treat them on your bill/invoice?
#14. How is the ‘Current Ratio’ (which is sometimes also called Working Capital Ratio) calculated?
#15. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.
Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?
#16. When dealing with residual balances that are £500 or less that are to be paid to a charity, your firm posts a journal from the business side of the client’s ledger and credits a nominal ledger in the name of the charity. You then transfer the residual balance from the client account to the business account.
Once a month, the payment to the charity is made from the charity nominal ledger. Is this permissible under the SRA Accounts Rules?
#17. The COFA must report all breaches to the SRA.
#18. If client money is legitimately retained for a specified reason, are you required to regularly update the client?
#19. Transparency Rule 4.1 covers the digital badge (sometimes called the clickable logo) which shows any website visitors that your firm is regulated and it gives them a link to the protection that provides. How will a website visitor know if the logo on your website is valid?
#20. The SRA Accounts Rules require a business/office account to be reconciled?
COFA Compliance Masterclass
Length: 3 Hours
Published November 26, 2022
Last Updated on May 4, 2023
Who is this training for?
This online workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals and anyone that has any involvement in working in legal finance and compliance.
Purpose of this training?
Since January 2013, the Compliance Officer for Finance and Administration (COFA) has had significant responsibility for ensuring firm’s meet their regulatory obligations and compliance with the SRA Accounts Rules and that any breaches of the SRA Accounts Rules are documented and reported back to the SRA. In addition to the COFA’s role in relation to the SRA Accounts Rules, the COFA has a duty under the SRA Code of Conduct for Firms to report to the SRA when the practice is in serious financial difficulties. The role of the COFA comes with personal liability.
This online workshop will cover the regulatory obligations of the firm, individuals within the firm and the key role of the COFA.
- The background and role of the COFA
- The SRA Standards and Regulations
- COFA responsibilities, record keeping and reporting concerns
- Codes of Conduct – for firms and individuals
- Business Management – Compliance and Business systems
- Assessing risk
- SRA Accounts Rules
- Cooperation and accountability
Further Information
Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.
Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.
Frequently Asked Questions
Why Online?
All ALCA online training is delivered live, interactive and is recorded. We bridge the gap between ‘face-to-face’ and online training by applying a blended approach. Questions can be posed to trainers throughout the workshops with quizzes/polls being used to engage with attendees.
Workshops can be continuously replayed for 60 days after broadcast.
Benefits?
- Reduced cost
- Can be taken anywhere on any device – no travel time or cost
- Shorter and more efficient than face-to-face
- Live and interactive
- Recorded and can be replayed at your leisure
Depending on your subscription and the length of the workshop, the pricing is as follows:
Our online workshops are delivered via Zoom. You can access the session via your computer, tablet or mobile device.
Details on how to join the online session will be provided the day before the training goes live.
We recommend you run a system test and check your internet speed by clicking HERE.
If your firm prevents you from using Zoom, please contact us.
There is no requirement to attend live but we advise that you do where you can as this will be the best experience for you. Don’t forget, you can pose questions live to the trainer and join in with the interaction when you attend live. Also, be mindful that you have access to the recording for 30 days, after which, it will no longer be available.
Not at all. We prefer it if candidates do as it makes the training more engaging but it is not mandatory to turn your camera or microphone on during the training session.
If you don’t have a microphone, you can still pose questions using the chat facility.
