How to prepare for SRA visits - A step-by-step guide for law firms

"Is your law firm ready for an SRA visit? Preparation is the key to compliance and confidence!"?

The Solicitors Regulation Authority (SRA) conducts regular visits to ensure that law firms comply with regulatory standards and uphold professional ethics. These visits are not just about checking boxes—they’re a deep dive into your firm's practices, policies, and culture.?

But here is the catch: are you genuinely prepared to showcase your compliance efforts or just hoping to get by? Let’s explore how to ace your next SRA visit and turn it into a chance to demonstrate your firm’s commitment to excellence.?

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Why SRA visits matter?

SRA visits are critical for:?

• Ensuring compliance with regulatory requirements.?

• Identifying and addressing weaknesses in AML, risk management, and client care.?

• Enhancing trust and transparency in legal services.?

Failing to meet SRA expectations can lead to penalties, reputational damage, and even restrictions on practice.?

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Key areas of focus during SRA visits?

1. Anti-Money Laundering (AML) Compliance?

• Robust AML policies and procedures.?
• Regular training for staff on identifying suspicious activity.?
• Accurate and up-to-date client due diligence (CDD) records.?

2. Risk Management?

• Proper documentation of risk assessments.?
• Evidence of action plans to mitigate identified risks.?

3. Client Care and Confidentiality?

• Transparent communication with clients about costs and processes.?
• Secure systems to protect client data and maintain confidentiality.?

4. Financial Transparency?

• Compliance with the SRA Accounts Rules.?
• Clear audit trails for client funds and transactions.?

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Preparing for an SRA visit - A practical checklist?

1. Review Your Policies?

• Regularly update AML, risk management, and client care policies.?
• Ensure all staff understand and follow these policies.?

2. Conduct Internal Audits?

• Assess your compliance with SRA standards.?
• Identify and rectify gaps before the visit.?

3. Train Your Team?

• Provide ongoing training on AML, ethics, and data protection.?
• Ensure all team members can confidently answer questions during the visit.?

4. Organise Your Records?

• Maintain accurate and easily accessible documentation for CDD, risk assessments, and financial records.?

5. Engage with the SRA Proactively?

• Respond promptly to SRA communications.?
• Seek guidance if you’re unclear about expectations.?

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Turning SRA visits into opportunities?

While an SRA visit might seem daunting, it’s also an opportunity to:?

• Showcase your firm’s commitment to compliance and ethical practice.?

• Strengthen internal processes based on feedback.?

• Build trust with clients by demonstrating adherence to high standards.?

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Final Thoughts?

Preparation is not just about meeting regulatory requirements—it is about embedding a culture of compliance and integrity within your firm. By being proactive and thorough, your firm can not only meet SRA expectations but also set a benchmark for excellence in legal services.?

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Author Sarita Sitaraman