How firms can meet their compliance requirements and deliver a great client experience according to Osprey Approach
In the second episode of Osprey Approach’s Build Better Habits series three, Amy Bruce, marketing director at Osprey, was joined by David Rawson, eCOS head of product at InfoTrack UK; Kate Burt, owner of HiveRisk; and Eloise Butterworth, compliance manager at Lester Aldridge.
Amy asked the panel to share their views on how firms can achieve balancing their compliance requirements alongside providing a great client service in today’s legal landscape.
Best practices for effective client onboarding
Client onboarding is a critical phase that sets the tone for the entire client relationship. Kate emphasised the importance of understanding the client’s perspective and identified common client grievances, such as confusing paperwork and piecemeal information requests. Kate recommended clear paperwork, understanding the client and transaction before requesting information, and ensuring a friction-free process through the effective use of technology.
Eloise echoed Kate’s views: – “You need to make [the client’] feel special in this process. They’re paying you for a service, and they want that service to be of a good standard”.
David highlighted the role of consistency and structure in compliance. “Ensure compliance almost by design,” he suggested, advocating for robust, consistent processes that allow firms to focus on clients’ needs while maintaining compliance.
Avoiding SRA fines
Eloise stressed that, “the number one key here is adequately resourcing your firm,” and suggested the creation of dedicated compliance functions or outsourcing to specialists.
David commented on automating routine tasks and allowing human resources to focus on applying judgement to compliance issues. “A technological solution can get you a consistent set of information,” he explained.
Kate advised staying informed about the SRA’s enforcement strategies and learning from past fines and mistakes.
Setting the right tone: client care letters
Client care letters are a crucial part of the client experience but also come with strict SRA compliance requirements. Eloise suggested simplifying these letters to ensure they are clear and concise. “If you’re sending a 10-page client care letter, your client is not going to read it,” she noted, recommending the focus should be on what the client needs to know and removing unnecessary information.
David added that client care letters should be seen as an opportunity to set the tone for the client relationship. “It’s not a piece of admin: it’s the first time you get to show off your skills and ability to communicate something formal in a smart, clear, concise, effective way,” he said.
Kate pointed out that the requirement for a client care letter has been removed, but clients still need to be kept informed. She suggested using a scoping document to provide key information upfront and separating detailed terms of business. “What does the client really need to know? And then what’s the small print?”
Seven habits for forming an effective compliance strategy
Creating a robust compliance strategy is essential for law firms aiming to stay competitive and efficient in today’s regulatory landscape. The panellists shared their top seven business habits for forming an effective compliance strategy, which includes adopting a client-centric approach and early engagement with end-users.
Watch the webinar to hear all seven risk management habits >
Balancing compliance alongside the client experience for future success
Balancing compliance requirements alongside the delivery of exceptional client service is crucial for modern law firms. By understanding the needs of your clients, establishing clear compliance principles, and ensuring your team is well-supported, you can create a strategy that drives success. As the panellists highlighted, the key is to be proactive, stay informed, and always keep the client’s needs at the forefront of decision making.
For more exclusive advice and first-hand stories on balancing compliance requirements and delivering a five-star client service, watch the full episode on-demand now to gain deeper insights and practical advice from our expert panel.
This comprehensive approach will help your firm navigate the complexities of compliance while maintaining a high standard of client service.
