In assessing risk, due consideration is given of the Law Society’s objectives to protect the public, protect client moneys, protect the reputation of the legal profession, ensure solicitors have proper procedures in place to prevent and detect the commission of money laundering and terrorist financing offences, minimise claims on the Law Society Compensation Fund and build confidence in the regulatory system for solicitors.

Particular attention is paid to the following matters in identifying firms for inspection:

• Firms who fail to fulfil, or who delay in fulfilling their statutory obligations to: file an accountant’s report, apply for a practicing certificate or put in place their professional indemnity insurance.

• Qualified annual accountants’ reports.

• Complaints/ Enquiries.

• Previous Law Society inspections.

• Judgement debts.

• Media reports.

• Expressions of concern.

Routine inspections

In addition to firms chosen for inspection based on risk, new firms are listed for inspection after about three years in practice. Established firms are considered for inspection after five years if the firm has not come to the attention of the Law Society for any other reason.