In 2012 the SRA introduced Compliance Officers into law firms, the first being the Compliance Officer for Legal Practice (COLP) which focuses on regulatory requirements for the work undertaken by the staff and firm. The second is the Compliance Officer for Finance and Administration (COFA) who ensures that the regulations surrounding monetary & financial aspects are adhered to. It is the COFA that I will be focusing on in this article.

In 2021, internet banking is something most people and firms use to manage their daily needs. For law firms it is a core part of their infrastructure. The ability to be able to make quick decisions and pay monies promptly is not only crucial for the firm but is expected by the firm’s clients and third-party suppliers. There is however a danger with internet banking which can be taken for granted and that is the security aspect. This article explores the advantages and pitfalls of the different systems.