SERVICES

CONVEYANCING QUALITY SCHEME (CQS) CONSULTANCY

The Law Society CQS scheme changed significantly in May 2019 and is no longer a paper based accreditation scheme. The new regime includes proactive and reactive assessment selection by The Law Society with the process including both a desk based assessment and/or a full onsite assessment. Assessments commenced being undertaken nationwide in November 2019 and are set to continue.

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Tracy was appointed Lead Assessor for CQS in early 2019 and in addition to assessing conveyancing practices, is able to provide consultancy services to the legal sector to assit them in preparing for the assessment should they be selected.

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Timescales for providing key policies and procedures to The Law Society once selected for assessment are extremely tight so firms need to be prepared and proactive in ensuring they meet, and are able to evidence, the requirements of the Core Practice Management Standard on a few days notice.

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CQS services available are:

• An initial gap analysis can be undertaken and a report provided to advise on the steps required to implement the standard

• A regular visit/hand holding approach can be offered to firms who intend to develop the policies and procedures themselves which are required prior to assessment

• A full on site development and implementation programme is available to those firms who chose to outsource the project

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In addition to assisting with the preparation of bespoke policies, plans and procedures to enable a firm to demonstrate compliance with the CQS standard, Tracy is also experienced in assisting practices with developing and managing key elements of those policies such as;

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• The development of the firms Anti Money Laundering Regulation 18 Firmwide Risk Assessment.

• Undertaking Residential Conveyancing File Reviews to actively monitor the conveyancing departments compliance with both the Core Practice Management Standard and the Conveyancing Protocols (2019)

• Acting as the firms Independent Anti Money Laundering audit function to provide the firm with a truly independent critical assessment of whether AML procedures are being correctly followed in practice.

• Providing an in-house training function to ensure all relevant personnel in the residential conveyancing department understand their obligations under the Core Practice Management Standard and the Conveyancing Protocols as required under the CPMS

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Tracy is experienced in, and also able to advise on the CQS application process and support you in being able to submit the very best possible application to The Law Society

LEXCEL CONSULTANCY

Have you made a claim and want to improve your risk profile? Or want to grow your business?

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CQS accredited and want to take those final steps to achieving Lexcel?

Are you considering implementing Lexcel but don’t know where to start, or don’t have the internal skills to deal with implementation? Tracy Thompson Associates can help.

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Experienced at developing and implementing  the policies, plans, procedures and processes required to achieve Lexcel, if you desire a well-managed, efficient and profitable business, then call for a no obligation chat to ascertain the individual requirements for your practice to achieve accreditation.

Tracy Thompson Associates provide three levels of support and assistance with achieving Lexcel;

• An initial gap analysis can be undertaken and a report provided to advise on the steps required to implement the standard

• A regular visit/hand holding approach can be offered to firms who intend to develop the policies and procedures themselves which are required prior to assessment

• A full on site development and implementation programme is available to those firms who chose to outsource the project

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The costs of achieving Lexcel are dependent on the size of the practice and the scope of the project depending on current compliance status.

Additionally, a soft assessment service is available for practices who require confirmation of being ready for assessment prior to submitting their application for assessment to the Law Society.

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Assistance is also available with CQS and WIQS applications.

RISK & COMPLIANCE SERVICES

When completing your professional indemnity insurance proposal forms, do you rush through them at the last minute just giving the basic requisite information in the hope you receive an offer of terms? 

Before completing your proposal forms, to enable you to achieve the best terms from the most insurers, it would be prudent to consider the risks within your practice. Everything you do now, have done in recent years, how you manage the practice and who you employ, for example, will all affect your risk profile.

Risks cannot be removed, but they can be mitigated.

As the legal indemnity insurance industry continues to be selective in their offers of terms, practices need to thoroughly evaluate and improve their risk profile carefully to ensure they remain insurable and as such Tracy Thompson Associates are able to undertake a full risk analysis, advice and recommendation service to you so you can evidence actions taken to mitigate the risks to ensure your practice is best placed to receive the best terms from as many qualifying insurers as possible.

Tracy Thompson Associates can also provide essential regulatory compliance support to ensure compliance with the SRA Code of Conduct by undertaking a bespoke compliance assessment with a comprehensive report of findings and recommendations for any remedial actions required. Help and Assistance with producing a compliance plan is also available.