Money laundering within the legal profession has faced significant legal press exposure in recent months. Legal Practice Support’s Proclaim Development team has therefore created a process to ensure a strong anti-money laundering process can be implemented for all case types within the Proclaim software itself.
SRA Targets Hundreds of Firms
The SRA has recently pulled up a large number of firms for having inadequate anti-money laundering checks in place, with more than 40 Solicitors struck-off or suspended in the last five years for failing to have adequate protections in place.
LPS have developed an anti-money laundering process, that can mandatorily form part of any case type to ensure all new clients are vetted for money laundering risks. Firms are required by legislation to have risk assessments in place, and so it is of the utmost importance that you have fully compliant processes in place.
Following the guidance set out by the SRA, the process created by LPS mandatorily requires any new client to have been fully risk assessed, for warning signs of money laundering to be checked, and for all ID documentation to have been provided from the outset. Any high risks, or warnings signs identified are then flagged to a Manager or the COLP. From here, instructions can either be approved, rejected, or further information requested.
To ensure that full money laundering checks are completed by all staff, a single report can be provided to offer a summary of Management Information. This will flag all cases that have not had checks completed, or those with which there are outstanding Manager approvals. This ensures no case is left unaudited, and that there is no way of cases ‘slipping through the net’. This ensures a fully compliant anti-money laundering process is in place for all cases.
Find Out More ……
If you would like to discuss how to incorporate rigorous anti-money laundering processes into your Proclaim system, or to discuss general Proclaim development, please do not hesitate to contact email@example.com for further information.
James Denby is Head of Proclaim Development at Legal Practice Support and possesses in excess of eight years’ experience, both in-house and as an external consultant, in developing legal case management systems. James is also uniquely in the position of having worked as a Senior Manager within a law firm, and as having conducted his own caseload as an experienced Paralegal. As a seasoned Proclaim Developer, James understands the requirements of any IT system/workflow/task from the view of the user, as well as from an IT perspective.Read More
The Proclaim Development team at Legal Practice Support (LPS) is often tasked with providing MI (Management Information) reports to the managerial users of Proclaim.
On What can MI Reporting be Effective?
Owing to the vast amount of data stored within any Proclaim system, there is an extensive amount of Management Information that can be analysed. Proclaim comes with its own standard set of reports however, bespoke reports can be developed that are tailored to the business’ individual needs. These can be on any MI data held within the Proclaim system, the most frequently sought after of which are financial, compliance and workflow orientated reports.
Why Should I be Interested in MI Reports?
We are in a digital age which affords us the opportunity to examine Management Information data with greater ease and more scrutiny. Further with the expansion of fixed costs throughout much of the legal industry, it is important to ensure all processes are conducted in the most cost-effective manner. MI reporting can greatly assist in improving profitability and reducing inefficiency. This may be through identifying and managing key bottlenecks in processes, or determining the most profitable behaviours. Reporting data to external agencies on issues such as WIP and case progression can also be greatly reduced to the click of a single button or none at all if you wish to receive them automatically via email at scheduled times.
Management Information Reporting Examples
- Progression Reports – Are tasks being completed?
- Age Reports – What is the age of your caseload?
- Profitability – Who is generating the most profit overall/per file, per claim type or per department?
- WIP – Calculate the total firm WIP for reporting purposes, or in relation to certain case types or file handlers.
LPS provide an in-depth summary of important reports that can be developed here.
If you would like to discuss how to implement extended MI reporting into your Proclaim system, please do not hesitate to contact firstname.lastname@example.org for further information.
James Denby is Head of Proclaim Development at Legal Practice Support and possesses in excess of eight years’ experience, both in-house and as an external consultant, in developing legal case management systems. James is also uniquely in the position of having worked as a Senior Manager within a law firm, and as having conducted his own caseload as an experienced Paralegal. As such James understands the requirements of any IT system/workflow/task from the view of the user, as well as from an IT perspective.Read More