So how does it feel to be a COFA?
Since 1 January 2013, the Solicitors Regulation Authority (SRA) has required all law firms to have a compliance officer for finance and administration (COFA). Adrian Jennings, Director of Finance at Cripps Harries Hall, gives a COFA’s own perspective on taking on this role.
Did the earth move when you took up your role of COFA on 1 January? No? Well it wasn’t a seismic event for me either. And before we get too worked up about this, let me assure you that the world is still round and spinning.
I read and heard an awful lot of fretting in the lead up to 1 January. We were worried about the onerous responsibilities we were taking on. We feared carrying the can for other peoples’ mistakes. We could be fined for this injustice and had to make sure we put adequate insurance in place.