THE COMPLIANCE PARTNER

TCP, based in Oxfordshire, was launched in January 2007 by Vanessa Shenton following her career in the field of solicitors’ costs and within the Solicitor Regulation Authority’s Practice Standards Unit. The business was set up to provide solicitors with realistic and pragmatic advice and assistance on the application and interpretation of the SRA’s rules and other regulations, including the Solicitors' Code of Conduct 2007, the Solicitors’ Accounts Rules 1998 and the Money Laundering Regulations.

TCP‘s services were carefully devised following consultation with a number of firms in London and the South East. Contributors have commented that the range of services meet the needs of the modern high street practice bearing in mind the changes in regulatory control by, and the enforcement activity of, the SRA and the need for firms to have access to better but cost efficient compliance management advice.

2007 to date has seen many changes in regulation – a new regulator (the SRA), an oversight regulator (The Legal Services Board), a new Code of Conduct, more complex money laundering requirements and, more recently, new rules allowing for legal disciplinary practices.  Rule 5 of the Code, requires firms to have, and to keep up to date, effective systems of management. TCP’s business objectives and its specific services help law firms keep pace with this rapid change and help them satisfy Rule 5.

The future will also see many challenges in terms of competition from other players in the legal market and other changes which will affect the way high street practices will need to run their businesses in the future. An integral part of TCP’s business objectives is to provide comprehensive and up to date information in these areas.

TCP itself has gone through rapid transition in order to keep up to speed with the changes which have taken place since its inception in January 2007 and has constantly re-devised its services in line with these changes. It is now, in 2010, poised to recruit new and experienced TCP executives to satisfy the increasing need for its services.

TCP prides itself in being accessible, down to earth and “non-stuffy” in its approach. TCP’s owner, Vanessa Shenton believes that a familiar and friendly manner (whilst never at the expense of professionalism) is the right approach to the provision of its services.