The introduction of the COLP was not intended to relieve solicitors of the need to understand and apply the Code of Conduct in their day to day practice.
However, that appears to have been the effect, at least in some areas.
The development of legal compliance as a specialism over the past few years mirrors the increased specialisation of the legal profession generally.
This article makes for interesting reading and underlines the importance of training all qualified staff on ethical and conduct issues, identified as a key competence in the new CPD regime, but often overlooked post qualification.
The introduction of entity regulation has had the unintended effect of “insourcing” professional obligations to specialist compliance staff, leaving knowledge among City lawyers of the SRA Handbook “very poor”, a leading legal academic has found as part of a major government-funded project.