The Law Society has launched a new service which it claims will help firms navigate the increasingly complicated area of risk and compliance and put in place risk management procedures.

The Risk and Compliance Service includes in-house consultancy, a newsletter and a Lawyerline complaints and compliance support service.

Law Society president Robert Heslett said: ‘Over the last decade the legal profession has been subject to an unprecedented level of change. In particular the Legal Services Act has remoulded the regulatory framework, while the economic downturn has placed a heavy spotlight on risk, not least in the eyes of insurers and lenders.’

Heslett said this had resulted in a new legal market in which regulatory compliance and management of risk are two of the three biggest concerns for any managing partner, next to profit.

‘The Law Society is responding to this need within the profession by developing an innovative, effective and affordable way to manage risk and regulatory compliance,’ said Heslett.

He added that the likelihood of an even tougher professional indemnity insurance renewal process this year makes it imperative that firms look at their systems and processes for client care and risk management, to ensure they can demonstrate best practice.

For more information go to: http://www.lawsociety.org.uk/productsandservices/specialinterest/riskandcompliance.page