Norfolk Law Magazine of the Norfolk & Norwich Law Society - www.nnls.org - Summer 2021
Coming soon... at last!
Watch out for booking details for the 2021 Annual Dinner in October, and book into the Legal Walk too - almost normal!
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This issue... Welcome to our first edition under ‘almost normal’ pandemic conditions, we push ahead with our Dinner and Awards for 2021 and kick off live events in September, supporting the Legal Walk through Norwich. We look forward to seeing everyone, in the flesh!
Contents 20
Innovation in the Conveyancing sector
5 Committee
25
One in five people now include a charity in their wills
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CPD Events
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What should legal firms be considering post-lockdown?
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Legal Walk 2021
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Practical support for professional advisers
8
Partnering with Index can help with your compliance
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Quiz - how healthy is your legal website?
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Annual dinner... All systems go!
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Minimising the impact of the Insurance
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NNLS Excellence Awards 2021
Market condition on your practice
12
Letters from Lockdown and the anger monster
34
Anti-money laundering back in the spotlight
16
Working as a Lawyer during Lockdown
for conveyancers
18
Membership time again!
36
Flood data insights from Landmark Information
18
New offices and logo!
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Calling smart law firms:
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We have a winner!
The tech you need and the one thing you DON’T
4
President’s Report
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Published Summer 2021
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President’s Report As circumstances continue to improve and vaccinations continue to roll out it’s that time of year when membership of the Norfolk and Norwich Law Society comes round for renewal. Last year we were able to offer membership free of charge for individuals and firms and we welcomed record numbers of individuals and firms alike. With huge thanks for the particular efforts of Carla Morphett and Claire Louise Clarke we hosted a fantastic programme of online training, covering a huge range of practice areas and wellness for lawyers working during the pandemic. Our very own Richard Barr hosted a very lively and well-attended event too! We’d love to keep up the great numbers of members and we already have a full and varied programme of speakers for training events for the rest of the year with more exciting announcements to come. Additionally, we’’ll also be hosting the annual dinner this year on 15th October 2021 at the Assembly
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House and I hope to see as many of you as possible there. If you would like to see what training is coming up then please have a look here https://www.nnls.org/events/ Membership is inexpensive and a really cost-effective way of accessing training in a wide variety of specialisms and some great expert speakers including many leading barristers. (2021/22 Membership rates detailed on page 18). We will continue to offer this training online as this has proved a very popular way for members to access the training although we will no doubt be hosting some live training events as circumstances improve. Please can I encourage as many of you, either firms or individuals, to sign up and continue to support the really valuable work that the Society undertakes. Thomas Bailey President, Norfolk & Norwich Law Society
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Partnering with Index can help with your compliance At Index, we understand that legal professionals need quick and consistent access to a whole range of tools to support them in providing an excellent service to their clients, whilst following compliance protocols. Property searches are at the core of what we do, but it is the added benefits of being an Index partner that really makes us different. Virtual working is now commonplace and is set to continue to some extent, on a permanent basis. Where technology enables teams to work from home at a certain level, there have also been challenges and it has opened-up opportunities for cyber criminals to take advantage of altered processes.
technology space to provide tried, tested and trusted solutions to our clients.
According to the SRA: “Criminals are taking advantage of the disruption caused by Covid-19 and the economic downturn. Firms are now more exposed than ever to the risk of being used for money laundering. Conveyancing is currently at further risk because the stamp duty land tax (SDLT) holiday aims to increase the number and value of property transactions.”
Using Thirdfort’s innovative mobile app, consumers are able to upload copies of photo ID which are automatically analysed to confirm the document provided is genuine. Consumers are also prompted to take a selfie and record a short video (a ‘liveness’ test) to ensure the individual completing the app journey matches the information provided on the ID document.
The disruption caused by working from home has certainly increased the challenges faced by those responsible for compliance. This is in part due to the lack of technology and processes needed to support the remote environment from a compliance perspective.
Thirdfort’s latest product also incorporates the use of ‘NFC’ technology that complies with the Land Registry’s Digital ID Standard. This allows consumers to instead scan the chip in their passport using their mobile phone, automatically extracting and validating the relevant information.
To respond to the rapidly changing situation, new LSAG Draft AML Guidance has recently been published to support legal professionals in complying with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended). It includes a new section on technology which addresses the need for firms to understand the technology they have, in order to use it effectively. According to The Law Society: “A legal practice must now have clearly documented Policies, Controls and Procedures (PCPs) based on their practice-wide risk assessment which include: • taken when new technology is adopted to protect against ML or TF risks. • Where practices use electronic identification and verification (EID&V) tools they should document the role of the tool, the data sources it uses, and in what circumstances (clients/matters) it is appropriate to use the solution.” At Index, we adopt an agile approach, where technology becomes an enabler for those responsible for compliance and with changing working patterns, we aim to help our legal clients to implement solutions to solve common issues. For example: we work with best-in-class industry leaders in the
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One example is the integration of our Index Platform with Thirdfort (www.thirdfort.com). Thirdfort is a leading Digital ID verification, AML and Source of Funds provider.
Open Banking technology allows consumers to connect their bank account(s) to Thirdfort’s app, providing solicitors with 6 months of bank statements and details of the largest ingoing and outgoing transactions. This data is provided along with the ID and AML information in a clear and easy to understand PDF report enabling solicitors to comply with all relevant regulations swiftly and remotely. All Thirdfort ID, AML and Source of Funds checks can be initiated and managed via the Index platform. Olly Thornton-Berry director, Thirdfort confirms: “Although the move to digital has been accelerated in the past 12 months, around 80% of all legal client onboarding is still completed manually. However, it costs just £30 to buy false bank statements online! Therefore, using the most advanced digital practices through the Thirdfort app integrated with Index’ platform, now means the whole client onboarding process can become digitalised and completed in a few minutes rather than weeks.” At Index, our goal is to bring the very latest solutions to our clients and importantly, supply the support and team behind the tech as this is what ultimately ensures it works. Our locally based, experienced
team understand the challenges faced by legal professionals and offer dedicated support to ensure technology integrations through our Index Platform are always as smooth as possible. In addition to solutions such as the integration with Thirdfort, we help legal professionals with their due diligence through providing risk management solutions such as Lawyer Checker which ensures client funds are sent to a legitimate bank account associated with the seller’s solicitors. We also work closely with Lexsure offering: LENDERmonitor - Enables lawyers to stay on top of lenders’ policy requirements as set out in Part 2 of their Handbook instructions. With 25% of all negligence claims against solicitors being brought by lenders, LENDERmonitor is an essential yet simple risk-mitigation tool. COMPLETIONmonitor - Intelligent, interactive online checklist and risk management system used by property lawyers, which can assist with securing or reducing law firms’ indemnity insurance and with securing/ retaining membership of lender panels. Finally, Index are proud to support the Law Society Conveyancing Quality Scheme (CQS). By working with Index and our partners we will help you to monitor and react to CQS standards thus ensuring compliance and confidence if audited. Not only will you be able to prove to lender panels that you adhere to the Law Society’s quality standards but put an attractive case to PI insurers that your firm is actively managing and mitigating risks. These are just a few examples of how we help employ the right solution enabled by the right technology all brought together through our user-friendly platform and supported by our dedicated teams, to enable legal professionals to focus on providing a better service for their clients. By Stuart Whaley, Director, INDEX East Anglia To find out more, call Index East Anglia on 01485 524320 or email eastanglia@indexpi.co.uk
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Providing innovative products and expert searches for the ever-busy conveyancing sector X-Press Legal Services Norfolk & Suffolk is a property search company that provides expert reports to solicitors and conveyancing professionals across the region. The company has been supporting the conveyancing sector throughout the past year, as the property market boom has seen increased demand and pressure across the sector.
“Our products are constantly being innovated, ensuring your data is absolutely safe in our hands. Many new clients who came onboard during the pandemic were attracted by our range of digital services and our security innovations, including being the first search company to achieve a Cyber Essentials Plus accreditation and a Gold Standard partnership with FormEvo and SDLT.co.uk.
Owner of the company, Ashley Peters comments: “We have been working flat out due to the increased demand for our searches, which are a real measure of demand in the property market generally. We have seen higher levels of searches than ever before, increasing 50% since the stamp duty holiday started.”
“We pride ourselves on making it as easy as possible for conveyancers to deliver legal services to their clients, providing a ‘one-stop shop’ for all your search needs. We save our clients time and money with our product range and specialist reports, helping to ensure property transactions reach completion with the minimum of fuss.”
Part of a 27-office network across England and Wales, X-Press Legal Services Norfolk & Suffolk provides a complete range of property searches and reports.
With over 20 years’ experience, X-Press Legal Services is one of the top ten search providers in the UK. Trusted by more than 500 legal practices in England and Wales, the firm produces a staggering 400,000+ conveyancing searches and reports each year.
Ashley continues: “Law firms are increasingly turning to us as we can provide all the same products and services as larger search companies, but also provide the customer service of a local company. We are able to get to know our clients personally and form strong relationships, an important factor during an increasingly digital age.
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For more information about X-Press Legal Services Norfolk and Suffolk visit www.xpresslegal.co.uk/offices/norfolk-suffolk/ or please call Ashley Peters on 0330 159 5358. or Jo French on 0330 1595 356.
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One in five people writing wills now include a charity The global pandemic is changing the way people approach end-of-life planning and inspiring more people to write charitable gifts into their Will than ever before, but myths around how it works can impede that growth, according to the charity consortium, Remember A Charity.
“This is where professional advisers are so important; being able to give clients impartial information so that they can ensure they are making the best decision that allows them to remember all the things they care about in their will.”
Growth of gifts in wills In 2020, many legal firms recorded an uplift in wills, with the Law Society reporting a ‘striking shift’ – that 7% of UK adults had written a will during the first lockdown. But the crisis prompted another notable shift; heightened awareness of the critical role of charities in our communities, inspiring the public to use their will to give back.
After more than a year of crippling funding shortages to the charity sector (amounting to an estimated income loss of £10 billion2), income from charitable bequests has been all the more crucial in helping charities survive periods of uncertainty. Gifts in wills raise over £3 billion for good causes each year and – despite the delays in probate during 2020 – they have remained the largest source of voluntary income for UK charities throughout the crisis.
The same Law Society poll found that one in five people writing wills are now including a charity. Industry data reflects this shift too with new figures released by Co-op Legal Services showing that almost a third (32%) of the wills they created in 2020 included a gift to charity. This equates to a 61% increase in the number of people leaving a gift to charity in their will through the Co-op, with cancer charities (42%) and local causes (21%) most widely named as beneficiaries. Rob Cope, Director of Remember A Charity, says: “The pandemic has had a devastating impact on people across the country, and it’s hardly surprising it’s inspired us all to reflect on what matters most and what we can do to help. “Family and friends will usually be our first consideration in a will. But leaving a charitable bequest is also something that many people find incredibly empowering – a statement about who they are and what they believe in – and a way to shape the world they leave behind. It’s wonderful to see how much appetite there is for giving in this way.” Role of professional advisers Solicitors and will-writers play a critical role in inspiring gifts in wills, with the large majority proactively asking relevant clients whether they wish to include a charity in their will, with 68% regularly doing so, up from 58% in 20121. Even the simplest reference to the option of including a gift has been found to double the propensity for giving in this way. Typically, professional advisers raise the topic during the standard will-writing process or estate planning, alerting clients to the relevant Inheritance Tax breaks. Any legacy gift to charity is currently exempt from Inheritance Tax (charged at 40%), and a lower rate of tax (36%) is applicable on estates where 10% or more is donated. Cope adds: “The Inheritance Tax framework makes legacy giving all the more appealing, but we’re conscious that there are many myths among the public around donating from your will and this can prevent supporters from doing so.” These myths were highlighted in a recent survey of over 170 financial advisers, carried out by the Personal Finance Society. Advisers reported that clients were often unaware they could donate to charity and still pass on the bulk of their estate to their family. Similarly, clients often perceived bequests as being a form of giving for “the rich few” rather than something that everyone can do. Cope adds: “We’re fortunate that, here in the UK, it’s easy to include a donation alongside gifts for family and friends. People can choose to donate any sum to any charity– there’s no need for it to be a large amount – and any gift really can make a difference.
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Free campaign supporter scheme for legal advisers Remember A Charity runs a Campaign Supporter scheme for solicitors and Will-writers, including a free listing on the public directory which receives tens of thousands of visits a year. Remember A Charity Week takes place from 6th-12th September 2021, with Campaign Supporters receiving free materials to celebrate the week and help open up conversations with clients about the option of leaving a charitable bequest in their will. Find out more at www.rememberacharity.org.uk. Future Thinking, 2019 ProBono Economics 2021
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What should legal firms be considering post lockdown? As we hopefully move towards the final easing of restrictions, many of us may be using this time to reflect on the last 15 months, whether this be on a personal or business level. The business world in which we operate has certainly developed more in this period than we would ever have expected, with an increase in the number of issues to consider, and the time expected to make decisions rapidly reduced. The professional practices sector has certainly had its share of the above, especially with the introduction of the new SRA rules. However, two key matters senior management may wish to consider currently are:
• Professional indemnity insurance • Succession planning Whilst these two topics are not new, their importance and priority has significantly changed in the last 15 months. The professional indemnity insurance market has hardened in this period, with insurers focusing on four key areas: • Expertise and specialisms • Experience • Claims history • Risk strategy Given the difficulties encountered during the latest round of renewals, it’s vital that legal firms start to review internal policies and procedures in relation to the above as soon as possible to make sure that the next renewal is as smooth and efficient as possible. Succession planning has always been vitally important; however, this may
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have moved up the agenda purely due to the relentless nature of the past 15 months or potential increases in Capital Gains Tax making an exit more costly in the future. Whether this is high up the agenda or still on the radar, the earlier exit options and plans are assessed, the better the chances of a successful outcome. As such, it’s vital to determine that the current business structure is right to facilitate future plans. Please get in touch with our Legal team if you would like to discuss anything. You can find contact details on the Our People section of our website larkinggowen.co.uk Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk. John Atkins Partner, Larking Gowen
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How can we help you? Practical support for professional advisers
Charles Stanley is one of the UK’s leading wealth management firms. Through bespoke investment portfolios and tailored financial advice, we have created financial security for many thousands of clients. We place great importance on making sure that a client enjoys peace of mind and protection at every stage of their financial journey. We have a well-established tradition of working collegiately with all members of a client’s team, maintaining open communication with everyone who is involved. We understand that every client is unique with different financial demands and aspirations. As such, we build our service on a bespoke basis, keeping those individual objectives front of mind. Support for our adviser partners Our regular thought leadership commentary on current industry themes aims to help the professional adviser community to continue to build successful and sustainable businesses. Our latest series, Social Entrepreneurism, seeks to answer the question; Can social entrepreneurism create the greater good? The problems of sustainability are not just environmental. There is a need to create a greater good for us as humans. As we become more aware of our levels of vulnerability across society, entrepreneurs are among those who are creating solutions to some of the most pressing problems of our times. Developing and implementing solutions to social, cultural and environmental issues. Within this series, we look to a range of innovators across different industries and professions to try to understand the possible impact of social entrepreneurism. The following is an extract from Dr Glenn Baker’s Social Entrepreneurism article. Glenn is responsible nationally for Charles Stanley’s relationships with professional advisers across it‘s 23 UK offices.
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Social healing and the inspiration of women entrepreneurs in Renaissance Italy. Those providing social solutions have the opportunity to dramatically impact society and culture. Professional advisers need to be aware of how these issues are affecting their clients and how to deal with them appropriately. From women entrepreneurs in Renaissance Italy seeking to heal society, to our own form of social entrepreneurialism, fundamental freedoms such as free-thinking and free-speech are the basic tools for entrepreneurs attempting to solve social problems. Problems such as the increasing plight of loneliness and isolation, which have been magnified and brought further into awareness during the coronavirus pandemic.
World Food Programme names hunger as the number one cause of death in the world. 805 million people worldwide do not have enough food to eat. 22,000 children die each day due to poverty, according to UNICEF. Other problems centre around the increasing strain and pace of life. According to Mind, approximately 1 in 4 people in the UK will experience a mental health problem each year. Rates of self-harm in the UK are the highest in Europe at 400 per 100,000. Visit charles-stanley.co.uk/advisers/ professional/social-entrepreneurism to continue reading Glenn’s article and explore the other articles within this series.
We are now emotionally intelligent enough to know that our levels of vulnerability are increasing, not decreasing as was generally believed in the second half of the twentieth century.
For those just starting out in their career, we invite you to join The Professionals Network. The Professionals Network aims to educate the next generation of investors on relevant topics and issues around saving, planning and investing – specifically tailored to the interests and concerns of those in the early stages of their career. When you join, we will send you periodic emails with links to our commentary and articles, along with the opportunity to join our networking events.
As we grow in emotional intelligence, we are realising just how vulnerable we might all become.
Visit charles-stanley.co.uk/community/ professionals-network to join The Professionals Network.
Irrespective of our appearance, age, success or status, a wider definition of who could be vulnerable is only just dawning upon us, across sectors, across professions, across society. And that was before coronavirus which has reminded us of our complete vulnerability, as we adjust to life through social distancing, for instance.
For more information on how Charles Stanley could partner with you, please contact a member of our Norwich team.
We need sustaining The growing role of our emotions in securing the future good of our lives, our economy and our world also means that we acknowledge our own neediness and incompleteness. Especially as we do not fully control our world in a way that is balanced and healthy. The
Past performance is not a reliable guide to future returns. The value of investments, and any income derived from them, can fall as well as rise. Investors may get back less than originally invested. Charles Stanley & Co. Limited is authorised and regulated by the Financial Conduct Authority.
Emotional evolution The evolution of our emotional and social intelligence is one of key advancements of the modern human condition.
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Quiz - How healthy is your legal website? Is your website driving work to your law firm or driving it away? Take this quiz to find out. Are you confident that you know if your website is working as hard for you as it could? Do you know what points make it effective, increase your online visibility and drive leads to your firm? This quick quiz, created by Orion Legal Marketing, will help you identify how healthy your website really is. 1. If you Google the key practice areas your law firm would like to grow, does your website appear: A. In position one on Google? B. On page one on Google (but not at the top)? C. It’s invisible e.g., page 2 or beyond?
10. A. B. C.
Do you review Google Analytics regularly so that you know: Who is visiting your website, what pages they are viewing and how they got there? A rough idea if the number of visitors is going up or down? What’s Google Analytics?
2.
11. A. B. C.
If you view your website on a mobile device, does it: Automatically resize and provide the best possible viewing experience? Looks okay but a bit hard to read/ navigate? Yikes, I didn’t realise it looked that bad!
When you appear in Google results, does the meta tag description (the 1–2-line summary of your website page): A. Succinctly and powerfully explain the benefits you provide? B. Give a general description of your firm? C. Pick a random line from your website? 3. A. B. C.
Does your website load: Instantly? In a few seconds? Yawn, unsure, I nodded off
4. A. B. C.
Does your home page: Clearly say what you do and what you want the visitor to do? Talk about you, but not so much about your clients? Ramble on about nothing in particular?
5. Does your website navigation enable a website visitor to access key information in: A. Under 3 clicks anywhere on the website? B. Between 3-5 clicks C. They are likely to get repetitive strain injury 6. A. B. C.
Do the colours and images used on your website: Reflect and strengthen your branding? Look nice but they are a bit abstract? No idea, just there to look pretty
7. A. B. C.
Does your website have: A call to action (e.g., ‘contact us form’ on every page?) On some pages? Just on the Contact us page?
8. A. B. C.
The profile images on your website, are they: Professionally taken and up to date? Professional but over 5 years old Taken on someone’s phone, whilst on holiday, about 10 years ago
9. A. B. C.
Does your website provide: Valuable content for the visitor in the form of blogs and downloads? A few articles but they have not been updated in a while? No articles section – ‘I have no time, or inspiration, to write anything’
12. Do the staff biographies on your website: A. Contain recent work examples, outline your work style and the benefits your experience brings B. List a selection of facts from your/their CV C. Were written when the website was launched/ you joined the firm and not been touched since
Your results Mainly A’s – Your website is fighting fit, just remember that to stay in shape and optimised you need to keep to a regular marketing health routine. Mainly B’s – Your website needs a marketing specialist check-up as it’s not performing as well as it should and has some fundamental issues, so a marketing health check would be advisable to prevent any long term damage occurring. Mainly C’s – Oh dear. Your website barely has a heartbeat and it may be driving potential clients away (if they even find it). You need to see a marketing specialist ASAP or this may be terminal.
Contact Orion Legal Marketing for a free website check-up and quote “WEBSITEHEALTHCHECK” to get free advice on how best to get your website performing at its best on T: 0118 380 5980 or email enquiries@orionlegalmarketing.co.uk
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Minimising the impact of the Insurance Market condition on your practice In recent months, much has been reported on the current condition of the professional indemnity insurance market. Unfortunately, experience tells us there will not be a quick resolution to these prevailing market conditions. Insurance companies are commercial enterprises; just like legal practices, they want to turn a profit or at worst, break even for the transferring of risk. However, several leading insurers are unable to do this in the current climate. Right now, claims activity in the legal profession surpasses the premiums collected, and both the severity and the frequency of claims are also on the rise. Indeed, not all practices experience claims, and firms that have may be unlikely to repeat them. Either way, the insurance policy has to respond in the event of a claim. Losses experienced will impact insurers’ premiums in the relevant practice areas, with this adjustment likely to affect even claim-free practices. Those that experience claims are likely to be impacted more severely, as these could influence the base rates of their practice areas. If the claims burn cost (explained below) is impacted, premiums could be affected. Example of claims burning cost calculation
Total value of claims over X years Premium collected over X years
x 100 = claims burn %
In light of the above, today’s insurance market is a challenging environment for firms. The whole premise of insurance is that the premiums of the many pay for the claims of the few. If this simple metric isn’t working, there will naturally need to be a change. In light of the current circumstances, insurers’ appetites have been suppressed and PII insurance rates and premiums are typically increasing. Practices can, however, take steps to minimise the impact to them specifically.
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Firstly, to protect the short, medium and long-term costs of your insurance, it is imperative to continue to evolving your approach to risk management, taking time at regular intervals to assess the risks associated with your specialisms. Risks evolve, and if you do not dedicate the time to assess exposures and implement appropriate procedures, you will be increasing your chances of claims. Failure to implement an effective risk management plan could have significant consequences; some practices will experience much higher price adjustments due to the market conditions and loss deterioration. We recommend taking the following steps to protect your practice from tough market conditions: 1. Prepare a quality presentation, including detail beyond the minimum required information. Your PII presentation is effectively your shop window to insurers, so we recommend using this opportunity wisely. Many practices claim to be ‘low risk’ in their activities, but few articulate why. Providing evidence for the underwriter’s file is absolutely critical, and we recommend providing additional information to support the numerical data in your proposal form. Be careful not to overdo this; if the documentation is too wordy, it will defend itself well from ever being read. Your proposal should highlight the key and salient points, focussing on how you mitigate the risks associated with your specialism, while also pointing out the accomplishments of your practice and its fee earners. Please remember that your presentation is not the only window a prudent underwriter will look into, they will also check your web presence. We recommend ensuring that your website accurately reflects what you actually do – this goes for imagery too. Do also check the law society website does not contradict your presentation in
any way. Look out for the descriptions of your work, your staff and your accreditations – if you identify errors, you can request an edit. Any online reviews or any commentary from open sources will also need to be addressed. 2. Selection of the right representative is key. Comprehensive and direct insurer market access are crucial components, so anyone professing to be a specialist broker should be able to demonstrate these to you. You should be provided with a clear understanding (in writing) of the insurers that the representative plans to approach on your behalf. An important consideration in your selection is that, regardless of the size of your practice, a comprehensive market exercise cannot be undertaken without Lockton. This is due to sole distribution rights to various insurers. You may also wish to check the representative’s claims infrastructure. While no practice wishes to experience claims, if this happens you want assurance that your representatives have the experience and expertise to assist you in your hour of need. 3. Start early. For those that renew in October, I would suggest that now is the time to start. While preparing your presentation, request your claim summaries to check that these are accurate. If you have experienced claims, a narrative will be expected around what happened, along with measures implemented to prevent a repeat occurrence. Insurers will also expect an explanation around any open notifications, including your view on merit and quantum. Right now, the market is challenging, but Lockton can still create healthy competition and deliver innovative solutions for your business. To find out how we can assist you, or to request support as to what to include in your presentation, please contact me or another member of the Lockton team. Brian Boehmer, Partner, Lockton www.locktonsolicitors.co.uk
The
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34 - Norfolk Law - Advertorial
Anti-money laundering back in the spotlight for conveyancers Recent AML audits by the SRA have once again highlighted the challenges of AML compliance for the conveyancing industry. As we know, conveyancing is one of the highest risk areas for AML so, if your practice hasn’t yet been audited by the SRA, the chances are that it will happen at some point in the future. With that in mind, we’ve put together a quick update for conveyancers with some practical tips to help with AML compliance. • Automates your risk assessment based on multiple checks (number of checks depends on different profiles). • Provides automated screening of sanctions, PEPs and alert lists • Automates record keeping and audits, removing expired data • Offers both simplified and enhanced due diligence • Monitors compliance of clients and the firm, with downloadable reports • Ensures on-going due diligence, creating alerts for non-compliant documents or data
What have the SRA audits identified? Although emphasising that most law firms take AML very seriously, as a result of the audits, the SRA has identified that there can often be a difference between a firm’s AML policies and procedures and what actually happens in practice. Nearly two thirds of firms reviewed needed some form of engagement with the SRA and a further nine were referred to the SRA’s AML investigation team. The SRA team found that half of the files they reviewed had issues such as lack of due diligence – examples included the client being known to the partners, expired documents and client due diligence records not being accessible to appropriate staff. Additionally half of the firms the SRA dealt with were failing to carry out effective audits. For example, although the MLRO / MLCO can contribute to the audit, it needs to be overseen by an independent party. A full report on the findings can be found on the SRA website(i). To view the most up-to-date AML guidance compiled by the Legal Sector Affinity Group, please visit the Law Society website(ii). This guidance replaces the Law Society practice note on AML. How an electronic AML check can help Although an electronic AML service can’t do all the work for you, it can certainly help your conveyancing team to meet many of the Directives’ requirements. The key features of an online service are that it:
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Please note, however, that it isn’t sufficient to merely rely upon an automated service to meet AML requirements. Law firms and more specifically, Money Laundering Compliance Officers, are still responsible for ensuring that clients are who they claim to be. This means ensuring a risk assessment policy is in place (and reflected in the AML service being used), that the automated service meets all your requirements and being aware of the sources of data used in assessments. The world of identity checking is changing very quickly so, if you already use an automated service, we recommend checking the latest features with your supplier. The Geodesys AML service offers you all of the above features through a single AML dashboard that’s incorporated into our ordering site. You can carry out both a simplified or enhanced search and we can help you with setting up your risk profiles. For further information of our AML service and to arrange a demo, please contact Kay Toon, Geodesys Account Manager on 07764 987259 or email kay.toon@geodesys.com (i) https://www.sra.org.uk/globalassets/documents/sra/research/antimoney-laundering-aml-visits-2019-2020.pdf (ii) Legal Sector Affinity Group anti-money laundering guidance for the legal sector https://www.lawsociety.org.uk/en/topics/anti-moneylaundering/anti-money-laundering-guidance
36 - Norfolk Law - Advertorial
Flood Data Insights from Landmark Information Data from the first in a new series of Data Insights Reports from Landmark Information has shown the broad extent to which flooding poses an ongoing threat across England and Wales. The report provides land and property industry professionals with insightful snapshots of rich flood data to explain the true impact risk upon communities across the country. It highlights the local authorities that have the highest rate of properties located in Flood Zones 2 and 3, and reveals that 37 out of the 335 local authorities have at least a fifth of properties in Flood Zone 2 within their jurisdiction. The report also identifies that more than 27,000 (6.7%) notable Listed Buildings are based in areas deemed to be at the highest Flood Risk parameter (3), in addition to almost 12% of all 200,000 Scheduled Monuments are situated in Flood Zones 2 or 3, which include highly notable buildings like the Tower of London, Hampton Court Palace and Caerphilly Castle. The new series of Data Insights Reports, which will be published every quarter, will focus on specific themes, from a review of planning updates and the local and national impacts, to uncovering information relating to a range of environmental hazards. Chris Loaring, managing director of Landmark Information (Legal), said, “According to the Environment Agency, approximately one in every six properties in England are considered to be at risk of flooding. This is forecast to grow as climate change continues to translate into shifting impacts on both current and evolving land use.
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“It is no secret that flooding poses a continued risk across our country – whether from surface water floods from heavy rainfall, groundwater flooding, through to coastal erosion and rising sea levels. It is something property professionals in all sectors need to be highly tuned to. “We are therefore pleased to share a series of Data Insights Reports that provide valuable and revealing insights derived from our data and help better inform those working across the property industry who can benefit from a clearer view of the future. Data: the lifeblood of the property transaction
“In the two decades that Landmark Information has been supporting the property industry with vital due diligence, the way the data is captured, accessed, assessed and delivered has shifted.” “From paper-based reports, CD-ROMs and PDF reporting, now the transition is taking us to digital. The reliance on documents and PDFs will ease and we will see an increased appetite for digital data that feed directly into an organisation’s existing workflow. Instead of capturing a single moment in time, the data will instead be continuous and provide a current flow of data that is relevant at any given moment in time.
“Flood data, alongside planning datasets, is one of the most dynamic risk types. The data is continually changing, driven by many factors – from local community and infrastructure updates, to the changing picture of the global climate. Having access to data that considers historical flood events while assessing modelled data relating to future impacts offers precise insights that developers and purchasers need, in order to make informed decisions. “From a legal conveyancing perspective, the way you manage – and access – that data is critically important to ensure the most appropriate advice is provided. Live data feeds will provide the most up to date picture, and this approach will herald a significant new chapter in the evolution of due diligence in the property sector. “We are proud to be driving forward this digitised approach and working closely with industry stakeholders to consider how the continued evolution of data feeds can benefit every part of the property industry.”
Landmark Information has an extensive wealth of data that is used across the property industry, every day, by developers, property lawyers, environmental consultants, estate agents, surveyors, architects and planners to help in confident decisionmaking and in transactions. For more information visit, https://www. landmark.co.uk/news-insights/industryreports/. www.landmark.co.uk
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38 - Norfolk Law - Advertorial
Calling smart law firms: the tech you DO Canine need, and the one thing you DON’T. When we talk about the top technologies for smart law firms in 2021, what exactly do we mean? Legal practice management software? Online file storage? Cloud-based word processors? Poppy’s Scanners? VoIP phones? Time recording? Online payments? E-signatures? Zoom?
The sign of an effective legal software is that, once you start using it, you barely notice that it’s there. Legal software is the silent hero that works away in the background, removing the headache that comes with endless back-office tasks so that you can focus on doing what your law firm does best.
In the modern world, law firms are expected to provide their services in the same way as every other business – at the push of a button. To meet the demands of their clients, law firms are investing huge amounts of time and resources in the smart technologies listed above, integrating every piece of software or device within their organisation from the ground up.
Email and phone systems
When Poppy’s Dog Guardian conta
But with hundreds of options out there, each as valuable as the last, identifying what technology your law firm actually needs can be difficult. Which begs the question: what tech DO law practices need? Remote working capabilities Let’s start with the obvious. The COVID-19 pandemic has shown us all the value in being able to work remotely with zero obstructions. It’s no surprise that those law firms which had already invested in smart technology prior to the introduction of national lockdowns were the same firms which adapted quickest when we were all told to work from home. And when 97% of people don’t want to return to the office full time, it’s important that you have the infrastructure available to support your new work habits in the future, whatever your working preferences – home, office or combination. This goes beyond simply supplying stationery, decent laptops or additional hardware. One of the unfortunate side-effects of people working from home was that the UK saw a 400% increase in reported cyber crimes during the first wave of the pandemic, so it’s crucial that you have a comprehensive cybersecurity strategy in place to protect you and your data. Encrypt your remote devices, install anti-virus software and, most importantly, use a VPN (Virtual Private Network) to secure your network from people who shouldn’t be in there. Online payment processes Chasing fees from clients can be one of the most time-consuming tasks at any law firm, but it doesn’t have to be. Using an online payment platform will make it as simple and as smooth as possible for clients to pay their bills first time, every time. Remember, what’s better for your client is also better for you, as more on time payments will improve your cash flow and help you budget more accurately. There are plenty of options out there, such as Legl, GoCardless or Invoiced. For the best results, choose one which integrates with whatever legal practice management software you’re using, just like we’ve integrated GoCardless (and soon Legl) with Quill. Speaking of Quill… Legal software Using cloud-based legal accounts, document, practice and case management software like Quill is absolutely essential for performing all your law firm’s daily tasks whilst keeping you fully compliant. The very best legal software gives you all the tools you need to see a case through to completion, from signing initial contacts to locating crucial documents later down the line to submitting invoices. With accurate time recording and straightforward document management solutions, you can be more efficient with your time, and clients can see where their money is going, right down to the last penny.
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From a client’s perspective, this is the most important area you can invest in. It’s essential that your clients feel like you are there for them, which means having the communication infrastructure in place to make that possible. Older landline phones and copper internet connections have a tendency to break at the most inconvenient times, but that is no excuse in today’s day and age – especially when there’s fibre internet out there! When choosing your email system, it’s best to go with something that complements whatever word processing software or creative suite your firm uses (ie. Outlook with Office 365, Gmail with Google Workspace). But when it comes to your phone systems, you can be a bit more flexible. There are multi-line phones, cloud phones and PBX phones, but VoIP phones are probably the most popular as they allow you to run multiple lines and calls simultaneously over the internet. Each system comes with its own benefits, but again what you choose will generally depend on the demands of your business. And what’s the one thing you DON’T need? Paper Okay, we’ve cheated here a bit, as paper isn’t really a technology. But the point still stands – in a modern law firm, paper should be the last thing on your list! Going paperless is actually a lot easier than you’d first think. It’s basically just a case of storing all your important paperwork according to the same organising system as before, only instead of locking it all away in a labyrinth of filing cabinets, you can store, locate and edit it all from within one screen. When clients send in paper copies, scan them immediately, organise them accordingly and then shred and recycle the paper copies once they’re no longer needed. Be consistent – by using naming protocols and documenting defined procedures – and diligent with sticking to this process, and you will reap the rewards. In the short term, this makes it quicker and easier to manage crucial documents. In the long term, it takes up less storage space, reduces operational costs, helps comply with data regulations and is a more sustainable solution in general. Next steps All of these technologies are useful in their own right, but the question you need to ask yourself is whether it is right for you. Depending on the strength of your infrastructure, the type of work you do and other factors, some tech will be more valuable than others. Start with the essentials: quality legal software. Once your practice is running smoothly, that’s when you can start adding in all the bells and whistles which will take you from a law firm to a smart law firm. This article has been repurposed from the ‘Quill Uncovers: Secrets from real partners on the tech you really need’ webinar. View for free at www.quill. co.uk/resources/guide-to-the-best-legal-tech-toolsfor-uk-law-firms-and-lawyers-in-2021.
About Quill Quill helps law firms streamline and run their practice better by providing simple and easy-to-use legal accounting and case management software, as well as outsourced legal cashiering services. Get in touch for more information about Quill’s practice management software and outsourced legal services by emailing info@quill.co.uk.
