Qualification: till retirement do us part

Making a decision about where to qualify can feel a lot

like a shotgun wedding. You spend years deciding whether to pursue law, researching firms and attending interviews and yet only a few months ‘dating’ a department before you’re off to Vegas HR to sign on the dotted line. We all know that legal practice is vastly different from academia, so how do you decide, after a mere four to six months, whether a particular practice area is ‘the one’? If you’re still reading, you are probably asking yourself that exact question. A year after making my decision, these are the five piece of advice that I received, that might help you come to yours.

1. Trainee v Associate

Whether you loved or loathed a seat, your trainee experience in a department may not be representative of what life is like as an associate in that team. Most teams will do their best to give you an idea of what is involved in working there but you are still a fee earner and usually the one with the lowest charge out rate. This might mean that you often carried out menial and unexciting tasks whilst in a seat. If the work was dull but you still found the practice area and the associates’ work fascinating, consider whether it might still be the place for you.

2. I have a dream

Being a lawyer can be an all-consuming profession but whether it is travelling, becoming a parent or having a side-hustle as a successful entrepreneur, we all have plans and dreams outside of our day job. Whatever your aspirations, your decision of practice area will immeasurably impact on the time and energy you can dedicate to these goals. Don’t make your decision without considering them.

3. Why Law?

After countless TC applications, the endless memorising of LPC notes and two years of being a trainee, when was the last time you asked yourself: do I want to be a lawyer? No matter how much you researched the legal profession before coming to a decision, the realities of time recording, the sometimes rigid hierarchies within firms and the painfully slow progression that comes with the job can be far from what you imagined. Now that you know what being a lawyer is really like, no matter how daunting it seems, don’t stick with it if you know it’s no longer your cup of tea.

4. There is no such thing as ‘the one’

No practice area is going to give you absolutely everything you want every day. You cannot become a litigator and never have to grind through due diligence or become a transactional lawyer and never have to do an all-nighter to close a deal. Much like in a relationship, you need to establish your deal breakers. What can you learn to live with and what can you absolutely not live without?

32 CENTRAL LONDON LAWYER

5. Perspective

Contrary to the somewhat hyperbolic title of this article, your choice of practice area is not a cliff edge decision that will determine the course of the rest of your life. Whatever you decide, remember that many people change practice area and firm sometimes multiple times over the course of their working lives and lawyers often move into different professions entirely. Don’t worry too much about making the ‘right choice’- your experience in the legal profession will open doors for you whatever you decide. ■

Katjana Cleasby Associate Farrer & Co.

Covid-19: Investigations, process serving and tracing agents

We are in unprecedented times. Much of the

commercial country is running on ‘limited’. It is routine business, if not busier for the legal sector particularly matrimonial, employment , fraud and litigation and come the end of the crisis, the legal sector may see a spike increase for their services.

Investigators, process servers and tracing agents have seen a huge drop in enquiries and this industry will be dramatically affected, as it is predominantly made up of individuals. Individuals who sub-contract their work across the industry via an associated network model. Their margins are small, their bank balances minimal and many will struggle to turn over the enquiries.

This industry is licensed and regulated. Less than 25% of investigators, tracing agents and process servers have professional indemnity insurance and even less are GDPR compliant. A warning to the legal sector is clearly you are instructing such individuals and have no control of your data and how it is disseminated amongst this unregulated industry. I present to legal firms and always advise that documentary proof of insurance and GDPR compliance and relevant qualifications should be held in a central library for protection for you and your clients.

As one of the countries largest and the most proactive investigation companies (with PI and GDPR compliance) we too have seen a fall in the volume of our workload. Notwithstanding we are running a full locate trace and data research service for asset reports as the litigation sector continues. Documents are still being served for litigators and matrimonial depts (taking into account the Government’s guidelines). We have a process to protect all that are either serving the documents or being served. In the matrimonial field the volume of enquiries for proof of cohabitation or employment have ceased.

Whilst we are starting to investigate some internal frauds that have been identified and working in conjunction with fraud solicitors, my view is that within six months, both ourselves and the legal sector will see an increase in enquiries regarding fraud investigations. I see the similarity between the 2007/ 2008 financial crisis where businesses were forced to look into their businesses more closely because as the ‘tide had gone out’ they identified where internal frauds had taken place with dishonest employees.

Of note professional fraudsters are attacking the business world and individuals with the continual bombardment of Covid 19 related fraud attacks and scams.

Given the working restrictions, constraints and furlough, Employment Solicitors are busy. On a daily basis, prior to the Covid 19 we placed employees under surveillance that were falsely absent from work, skiving off, either to start their own business, work for someone else, or just because they did not want to go to work. In the current climate we have still been conducting investigations into dishonest employees including proving that employees that have said they are self isolating or not capable to come to work have been involved in other businesses with other individuals. We have used the diverse skills and equipment in our armoury to gather the evidence to give to the solicitor or the client the evidence to prove their suspicion.

Something as simple as an employee who stated he could not come to work because his wife was high risk and he was asthmatic and they were both self isolating was suspicious to the client for various reasons. It was known that the employee’s wife ran her own restaurant and was delivering takeaways is during the crisis.

The investigation showed that she was in the restaurant with other members of staff and the employee was carrying out deliveries on her behalf. Covert investigations also proved the employee was working at other locations, cash in hand, interacting with other individuals when he had reported to his employer that he was not capable to coming to work for them due to fear of risk of contraction.

The legal sector has made adjustments in working practises during the crisis and your investigators, process servers and tracing agents need to show you flexibility and diversity to fulfil your requirements. This national crisis has the opportunity to allow many businesses to show their true value and commitment to their clients. One of my mantras is ’no problem is insurmountable; you just need to work out the way to deal with it’.

For more information about the industry position or any concerns contact me directly: davidkearns@ expert-investigations.co.uk 02476 630498 / 07879 482902. I will be holding a webinar on Thursday 14th May at 11.00hrs click the link. https://davidkearns736. clickmeeting.com/the-role-of-the-investigator-in-thelegal-sector?_ga=2.54835234.847597457.1587034998- 722243021.1581000951 or email me to book on. Take care and keep safe. ■

David Kearns Managing Director Expert Investigations Ltd.

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Change is a constant in conveyancing Law Society outlines changes to the Conveyancing Quality Scheme

The recent Geodesys CPD event saw Eleanor O’Reilly

Joe, Head of Accreditation at the Law Society and Peter Rodd, CQS Chief Assessor, bring the packed room upto-speed on recent changes to the Conveyancing Quality Scheme (CQS).

What’s new with the CQS?

First launched in January 2011, the Law Society scheme offers a recognisable standard of excellence in the provision of residential conveyancing services.

In February 2019, the CQS Core Practice Management Standards were updated and expanded. All firms were required to update and embed the requirements by 1 May 2019.

Since the introduction of these changes, the Law Society has increased the level of support it has in place to drive continuous improvement. From November 2019 to January 2020 it carried out an assessment pilot to monitor compliance amongst members and provide feedback.

What did the pilot reveal?

The pilot included both desk-based assessment, focussing on typically high areas of risk such as file reviews, SDLT and leasehold conflict, and on-site visits, which also included the assessment of policies and procedures. Both types of assessment were designed to audit the law firm against the updated Core Practice Management Standards.

The assessments identified non-compliant aspects across all Core Practice Management Standards.

The solution: resolving non-compliance

If a conveyancing practice is found to be non-compliant, it receives a letter from the Law Society laying out any breaches and suggesting a corrective course of action. They are then given a fixed period of time to correct infractions (21 days for minor breaches and three months for major breaches,) after which they are obligated to provide evidence of the corrective action they have taken.

The assessor’s view

Peter Rodd stressed that risks in conveyancing had increased enormously in recent years and those involved in conveyancing could not afford to be complacent when it came to make the necessary changes to their processes. He urged firms to be particularly vigilant when it came to the following areas of risk:

■ Fraud: Peter advised that all conveyancing teams should have a list of red flags that could be indicators of fraud. For example, is it reasonable that the buyer could have saved a significant amount of money? There are various clues which should prompt a request to the seller’s solicitor to share due diligence. ■ SDLT: Every transaction should have its SDLT calculation double-checked to make sure it is based on the right information. SDLT threatens to become the next PPI scandal as unscrupulous companies encourage dissatisfied clients to put in a claim. ■ Client care: Client expectations are usually very different to the reality so it’s important to be as upfront as possible as to how long the transaction is going to take. To avoid buyers feeling that nothing is happening, conveyancers should agree levels of communication at the outset.

Conveyancing: change is a constant

Peter also stressed that change would continue to be a constant theme in conveyancing so those involved in property transactions should keep an eye on the Law Society’s website for details of practice notes. Further changes to CQS will be announced in 2020 and the Law Society will be offering a number of briefing sessions to all those involved in conveyancing compliance.

Over the last year Geodesys has been working with the Law Society to promote the CQS in order to help our clients. We have also introduced the Geodesys Compliance Service which can help conveyancing teams ensure they are complying to the updated CQS Core Practice Management Standards. ■

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poweredbypie accelerates introduction of online communication tool: Document Portal

With many law firms now working from home, search and software provider poweredbypie, has announced an accelerated introduction of its new online communication tool Document Portal. Document Portal enables simple and secure electronic exchange of all documentation within the conveyancing process, particularly helpful when email is not secure and meeting clients in person is not possible.

Carole Ankers, chief product & technology officer, poweredbypie explains: “Working from home creates a new set of challenges when it comes to communicating with clients. Document Portal is directly integrated into poweredbypie’s Brighter Law tool kit and helps law firms stay in touch with clients by providing a safe, secure alternative to email and post for the exchange of sensitive information. It allows clients to sign and return documents, speeding up processes and keeping you on top of your workflow in this unusual situation.”

Chris Thomson, partner, McKeag & Co Solicitors confirms: “As a beta client for Document Portal we recently had a homebuyer register for Document Portal for a new property transaction. They got the client care pack, opened the documents, signed and returned them securely within two hours! With this communication typically taking a week or more through the post, suddenly, we can see how to make the, often stressful, process of buying a new home much more convenient for customers, giving us as a law firm a real competitive edge and saving time throughout the workflow of the transaction. Online communication has become even more important recently and Document Portal now offers a convenient option to stay safe and communicate with our clients securely.” to communicate with clients has never been so essential. Document Portal removes the risk of fraud, providing secure 2 Factor Authentication to store and share legal documents which are accessible only to those with authorised access.

“Document Portal is both simple to use and set-up, we try and make life easy for law firms! A document portfolio can be created which includes intuitive, editable forms and digital signature facility provided by the leading eSignature brand DocuSign. Not only does this provide a secure, streamlined environment for client data, it also highlights to the client exactly what information needs to be filled-in, first time, every time. Clients can also upload their own documents, further negating the need for post.

“White label branding means that the end customer has a seamless experience of your brand: from getting a quote in our online calculator tool, to eSigning in Document Portal. The overall faster conveyancing process with real time notifications, leads to happier clients who are more likely to recommend your services in these tough market conditions. We take care of all the integration and setup, all that’s left for you to do is to use it and start to feel the benefits.”

To find out more or to book an online demo with your account manager please see: https://poweredbypie.co.uk/lp/document-portal.html

In response to the current situation, we have also updated our online CPD training programme with several new courses to help you while working at home. To view available sessions and book your place, please see: https://mailchi.mp/poweredbypie/training

GCS – Legal Indemnity Insurance options that put you in control

Guaranteed Conveyancing Solutions (GCS) is a

market-leading provider of legal indemnity insurance for ‘residential’ and ‘commercial’ properties and ‘developments’. As a recognised long-standing company with a great reputation for speed/service, it’s no wonder we’re trusted by over 20,000 conveyancing professionals throughout the country.

The key driver of our business is to constantly evolve and develop our offerings to meet the demands of our conveyancers, whilst also ensuring that the process of obtaining legal indemnity insurance is simple and effective.

GCS has three options: ‘Online’, ‘Pack’ and ‘Bespoke’. Conveyancers can use just one of these methods or use them ALL in combination – it’s entirely up to them.

GCS Online

Our fast, easy-to-use Online system allows users to obtain quotes in seconds and issue electronic policy documentation in minutes. GCS Online is accessible 24/7, whether it’s from the office or remotely, and users can access exclusive online-only policies, as well as having the option of an ‘Individual’ or ‘Group’ account.

If sole access to an Online account is all you need, an ‘Individual’ account is ideal. If you want the ability to create accounts for others in your firm/branch or the ability to delegate your work to colleagues (perhaps when you are away), you may want to try our ‘Group’ account. Our ‘Group’ account also allows you to consolidate statements for multiple fee-earners, or have statements sent directly to your accounts department. Users can change from an Individual or Group account at any time, giving them total flexibility and FULL control.

Insurance Pack

Our legal indemnity insurance ‘Pack’ is just as easy-to-use as our Online system. The main difference is that all policy documentation is in paper format, contained in logical order within our smart ring-file folder.

Bespoke

Our ‘Bespoke’ service is available if you want us to issue policies directly for you or if the risk is more complex and doesn’t meet the automatic acceptance criteria of ‘Online’/’Pack’. There’s no fee for our Bespoke service, we simply quote a premium to cover the risk. Contact us for a quote today – our friendly, knowledgeable and experienced underwriters are on hand to help.

To find out more about ‘GCS Online’, please visit https://gcs-title.co.uk/register. Head to https://gcs-title.co.uk/ pack to obtain a ‘Pack’. To arrange a ‘Bespoke’ quote, please email underwriters@gcs-title.co.uk.

Any questions? Head to https://gcs-title.co.uk/FAQs for the answers. Alternatively, phone 01435 868050 or email info@gcs-title.co.uk. ■

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COVID-19 and the law of frustration: what is it and how can it affect your commercial contracts?

As more businesses look to find ways to avoid their contractual obligations, the legal concept at the forefront of everyone’s mind is the so-called “force majeure” clause. However, we consider below, the lesser known doctrine of frustration and it may assist parties where a force majeure clause is not engaged.

Frustration

The law of frustration applies where a significant change of circumstances renders a contract physically or commercially impossible to fulfil, or transforms the obligation to perform into a radically different obligation from that originally undertaken. Such a change in circumstances must be due to an outside event or change of situation that occurs without the fault of the party seeking to rely on it.

If a frustrating event is deemed to have occurred, the parties will be excused from further performance and will not be liable for damages for non-performance. It is important to note that the contract will be permanently frustrated. Except as otherwise agreed between the parties, recovery of monies paid under the contract before it was discharged is permitted, subject to expenses incurred by the other party (at the court’s discretion).

The impact of COVID-19 is likely to satisfy the legal test and provided the contract was entered into before word of the pandemic had spread, there is little doubt that the effects of the outbreak would be deemed outside the reasonable contemplation of the parties. However, due to the inherent uncertainty that comes with the law of frustration, courts have historically been reluctant to find that a contract has been frustrated. It remains to be seen what approach the courts will take in present circumstances.

Key points for businesses

All businesses should be examining their key contracts. The implications of rightfully or wrongly invoking the law of frustration or a force majeure clause are often substantial and parties should seek urgent legal advice before doing so. ■

Aled Walters Partner and Head of Commercial Hugh James

Aled Walters has significant experience advising on complex contracts and deals with a multi-jurisdictional dimension. Please contact Aled via Legal Network London on legalnetwork@ hughjames.com. Legal Network London is a free referral and support network for law firms operated by Hugh James. Your firm may be eligible for a fee share for referrals made via the network.

Staff retention in the era of the Millennial

Millennials comprise around half of today’s workforce and are set to takeover 75 percent of the global workforce by 2025. A generation often mislabelled as entitled are simply different than the generations past. In order to retain millennial talent in an unpredictable economic climate, businesses need to focus on what employees expect from their careers. What I can tell you is, it isn’t all about ping pong tables, bean bags and free drinks on a Friday.

Arecent study from Gallup suggests a staggering 87 percent of employees worldwide are disengaged in the workplace. That translates into an ineffective workforce with reduced productivity, increased sick leave and general negativity. However, there is good news! It isn’t too late to ensure we’re set up for the future.

First, we must recognise what expectations millennials have of their careers. For many, it is purpose, fulfilment and the appropriate tools to complete that work. As digital natives they have grown with technologisation of the modern world. Born in the 80’s and 90’s, they watched televisions and radios switch from analogue to digital, cassettes transform into CD’s and then streaming services, and personal computers became a part of everyday life. Taking this rapid uptake of tech in their stride, they understand the value of the right tools at home and in the workplace. according to research from Robert Walters. When staff, regardless of age, are bogged down by arduous administrative processes, they can struggle to find purpose in their work. Especially those who have studied to specialise in law, who are spending their days saving, uploading, printing and posting documents. They demand automated processes using the right technology to free up time to practise their chosen career more efficiently and rewardingly.

The reality is, implementing this sort of valuable technology into your business model not only aids staff retention and satisfaction, but also provides rewarding customer experiences – more home movers than ever are millennials and expect the tech to match – as well as increased profitability and productivity. Embracing the evolution of workplace technology will not only keep you in stride with your employees, but also your customers. ■

Remote Working, Outsourcing, Lockdown 2020! Immediate change for the long term?

Many of us have recently heard phrases like, “we

are living through unsettled times” and “this is unprecedented” during the current Lockdown due to the Covid-19 outbreak. For many firms, the idea of working from home is almost alien, certainly for more traditional practices that have always had their office/hub to work from. Almost overnight, the UK Government made rulings for people to work from home and the UK had to adjust very quickly.

A lot of the adjustments are based around a company’s IT infrastructure, including the software it uses and the IT service provider it employs. Many companies have seen major disruption in these areas because their infrastructure is either out of date, or not being utilised properly. Having deficiencies in these areas can cause serious problems when trying to access data quickly and not being able to get into the office. This inevitably has a knock-on effect to client service.

The recent Government instructions have been somewhat of a “wake-up-call” for many firms to deal with their IT infrastructure deficiencies and many firms are in the process of looking into upgrades and different software options. The current situation also highlights areas for potential outsourcing too. There are many companies that can step in during a crisis like this to assist firms in areas which they are currently having difficulty with such as accounts/cashiering, typing/secretarial and reception/ call handling.

The most important element through this difficult period is communication. Having regular meetings with staff is imperative especially when considering any changes like software/ outsourcing. Using platforms like MS Teams or Zoom.us becomes very useful when utilised correctly and both are a very low-cost option for remote meetings. MS Teams is especially helpful with its direct messaging element and its centralised chat for all team members. It can also be used in conjunction with Sharepoint so that active file sharing which would normally be done on a server/emailed can be achieved with very little effort.

With the communications handled, it’s then time to look at software options and what suits the firm. If the software that the company currently uses is compatible with remote working where everyone can dial in with ease and see/use what they need to, then further disruption to that may not be the best course at this time. If, however the firm is struggling to view what is required, perhaps it is time to make a change. There are many options out there, and essentially a choice would be something which is very easy to access with good document handling properties and a solid accounts function. It’s also important to think about the processes surrounding the software choice ensuring that enough training has been done and maximising the selected package for remote working.

Outsourcing is another element to consider. Firms who provide outsourced services are usually very flexible and can provide ad-hoc cover, absence/sickness cover and work for the firm on a longer term/permanent basis. Companies like this are based on remote working and are very much prepared with their own systems and processes to streamline what is required. It is worth investigating if there are any areas of the firm that could be assisted by having an outsourced company working with you.

During all of this I recommend thinking not just about the current situation, but the future of the company. All the changes made during the current position can be beneficial to firms for the long term. Think about how opening the office for remote working, better software and communication through better IT infrastructure can help on an ongoing basis. Bear in mind that many of the options can be utilised on devices such as laptops, mobile phones and tablets giving the firm much better flexibility which can lead to higher productivity for the long term. Also, think about the possibility of having peace of mind, knowing that an experienced outsourced team is handling things like your accounts, typing and phone calls without interruption or disruption because they are designed to work remotely.

Treat these “unsettled times” as an opportunity to do something “unprecedented” for your firm and investigate how you can invest in better communication tools, modern software, and outsourced services for the long-term benefit of the practice. ■

Alex Simons New Business Manager The Law Factory LLP

How to be there for your children, and a successful lawyer

One of the side effects of a prolonged lockdown is that

lawyers are having a taste of what it is like to practise in a different way. Outside of the office. No strip lighting or aggressive air-con. From the kitchen table. Radio tuned in to the favourite station whilst crafting a lengthy advice. Taking a break to plant a herb garden with the six-year-old. Being present at home, whilst still getting stuff done.

It’s not necessarily all roses (or basil). The six-year-old may have a meltdown just as you are dialling into a ten-person Zoom call. The client might expect to be able to speak to you at 6pm. You might miss the daily interactions with other adults.

But ultimately, as a parent the most important thing is that you are there. Now more than ever, family time is a precious thing. All of a sudden, that one hour commute – each way! – looks even less appealing.

There are probably lots of us who have tasted this new freedom and thought, ‘yes, please – more of that!’

Warren Berwick was one of those people. Back in 2013, he was a construction litigation partner for an international firm. But he craved the freedom to work on his own terms.

“Being an involved parent and a partner just ware not compatible,” Warren told me – via Zoom of course. Endless partner meetings and ‘presenteeism’ only added to the pressures of being a high stakes litigator. “Being there for my son, and making quality time for us to do things together, was the priority. I like being a lawyer, but I like being a parent more, so I knew I needed an alternative way of working, without completely sacrificing my income.” Warren Berwick

So Warren started looking at other ways to practise. Before long he had set up his own boutique law firm, Berwick Law.

“Luckily, I knew enough clients would want to keep using me. And I was able to keep my overheads so low that the business quickly became cash generative. It was a real light bulb moment. I could see how the traditional firms were all about feeding the corporate machine. The firm had to keep billing, just to keep the lights on. Whereas I was able to build a business doing what I love, for clients I like, but which is ultimately designed around my priorities”.

What does your life look like now?

“Well, I carry little stress and I get to spend a lot of time with my son. We take lots of trips and activity weekends together, I get to pick him up from school – the sorts of things you rarely get to do at a big firm unless you happen to be on annual leave.”

So you pick your own hours?

“When I’m working, I work hard. I still work at least 40 hours a week, but I fit work around family time. For example, if I have an after school activity with my son, I just start early in the morning and finish at 3pm. That becomes more difficult with court hearings and international client meetings. So far though, over the last six or so years, I have been able to put family first. A big part of this comes from managing client’s expectations and keeping them well informed.”

Would you recommend your route to everyone looking to work more flexibly?

“The starting point for me was to identify my priorities. My initial focus was to have time to play a full part in my son’s upbringing. This made the decision to set up Berwick Law relatively easy. So if the motivation is there, I would absolutely recommend this route to others. I won’t pretend though that it’s been completely plain sailing. I’ve had to learn about running a business, compliance and insurance. There is also a balance to be struck with finances. But the equation is now far more in my favour as I am not contributing to a large firm’s overhead. So if anyone is thinking about doing this, as long as they are able to generate clients, I would encourage them to give it a go.”

Warren recommends looking carefully into the options.

“Perhaps the first step would be to explore flexible working with your current firm. But if you want to get out on your own, the virtual law firm model is a good alternative. I’ve done this with my firm. You basically use a regulated practice as a platform through which you put your work on a self-employed basis. So long as you follow a few key compliance rules, it is really straightforward. And you can easily earn more as a virtual lawyer than a salaried lawyer for the same amount of work.

“But not everyone likes the thought of sharing their hard-earned fees. If the freelance solicitor model [under the new SRA rules] had been available when I set up I would have at least considered that option.”

Maybe when things get back to ‘normal’ more of us will be looking at ways we can spend more time with the family. Luckily, there are now lots of options. ■

Jonathon Bray Director

Jonathon Bray helps law firms with SRA compliance and regulatory matters, and specialises in ABS applications www.jonathonbray.com

The Winners will be the firms who embrace Transparency and go beyond what is required

On the 5th of March the SRA issued an update reminding

firms of their obligations under the ‘Transparency’ rules, that came into force in December 2018.

“The aim is to help people, who currently struggle to shop around for legal services, more easily find the information they need to help them find the right legal help for them. The rules also include using our clickable logo, which became mandatory last November, which verifies that you are a law firm that we regulate and tells the public about the protections in place.”

It is crucial to understand that these rules were established to serve in the solicitor firm’s best interests. The regulator wants to ensure that potential customers are better able to compare different legal services providers. Indeed, the SRA highlighted that 71% of the consumers they surveyed spent over I hour researching providers. How positively your firm responds to the principles of Transparency may define future success.

This current climate where client activity is likely to be limited is an excellent time to reflect on how your website has embraced the rules and perhaps to go far beyond what is required and to differentiate yourselves from competitors who may not be recognising the opportunity.

The SRA’s first website sweep exercise in the spring of 2019 showed that 17% of regulated firms, after 6 months, had not done anything in compliance of the new rules. The regulator has now completed a second similar exercise and whilst the full outcome has not been published as I write, the following sound bite from the SRA suggests firms are still not embracing rules, aimed to benefit them and assist them attract new clients:

“The second of these has been completed and where we found non-compliance, we are considering potential enforcement action. More checks on firm websites will follow.”

Obviously since November, in line with the new Standards and Regulations, we now have the whole picture, regarding exactly what is compulsory. This now includes prominently displaying the SRA Digital Badge, your own, the SRA’s and Legal Ombudsman complaints procedures and all the core areas when you must show costs, who is delivering the services, likely timescales and disbursements. Therefore, this article is not to cover old ground or the basic requirements of Transparency, more to look at some tips to embrace the challenge and show your business in the best possible light to potential customers, in need of legal advice or services, that are undertaking web based research.

The following ideas will be included in a new marketing leaflet for our SIFA Professional financial advisory members, to reach out and support their legal colleagues. Here is an insight and I hope it gives you food for thought:

SIFA Professional Guidance on going beyond ‘Transparency’

■ It is not always about a low price; it is about value – So include as much information as you can about the services you are describing. Be aware that SRA research, however, does show consumers are attracted to known, fixed costs.

(SRA research indicates 32% of consumers see price as a key factor.)

■ Plain language is advisable – Avoid legal jargon and describe the processes and stages in easy to understand ways. ■ Why limit the exercise to the compulsory services in the rules? – To have full details on the costs and aspects of the compulsory services and not in others seems pointless. The SRA began with core, most utilised services but this was just the start of the reforms but to a consumer, having full information for some services and less for others may look odd or even suspicious. ■ Staff Biographies are strongly recommended – You are required to include details and qualifications of the individuals involved in delivering the described services but why not go further. Full biographies with pictures of the solicitor and any support staff a new client is likely to deal with in the course of the process, personalises the experience from outset. More so if you can include personal non work-related background as well. ■ Encourage your key solicitors to write blogs about how they deliver their service and work with clients and use these on your website. This is a further comfort and personalisation factor in the potential client’s research. ■ Use social media – a profile demonstrating your firms and individual solicitors’ credentials and expertise linking back to your website could be a differentiator. ■ Display your firm’s awards, consumer service standards and kite marks of quality. ■ Ensure you have a testimonial section on your website.

Ideally one for each area of law/service. (Happy and

satisfied clients are a crucial factor for consumers, with the SRA indicating that 42% of those surveyed seeing reputation as the key factor.)

■ Be proud to show work with other carefully selected third parties – Modern clients think holistically and require a holistic approach to their problems and needs. It is therefore

beneficial if your website informs them that you operate that way and will refer them to other professionals, such as financial advisers, if a financial planning need arises from the legal service you are providing.

In essence, your website is the modern-day shop window and the more enticing and welcoming it looks, the more likely new customers are to walk in. Particularly important if your window is not the only one, they are looking in! ■

Cash Flow Modelling – Vital for Financial Planning and particularly on divorce

Akey role, arguably the key role, of a financial

planner is to help a client meet all of their financial objectives throughout their lifetime, and one of the most important objectives for most clients is to ensure that they have sufficient money saved to provide them with the retirement that they want.

The two key questions that need to be asked, and answered, are “When do you want to retire?” and “How much income will you require to live comfortably when you do?”. Without having the answers to these two questions I do not know how any financial planner can comment or advise on a client’s pensions, yet I often speak to new clients who have come to me for various reasons, whose previous adviser had never asked them these questions. Can you imagine a pilot flying a plane without knowing the destination or time of arrival?

With these two answers confirmed it is then possible to realistically create and work on a financial plan, which specifically targets the client’s objectives. Knowing when a client wishes to retire and on how much per month or year, enables me to calculate how much they need to have built up in their pension funds to enable them to generate the income that they need. From this it is then possible to calculate how much the client needs to save per month and what annual investment return is needed to achieve their retirement objectives.

I have met clients who have a personal investment manager (IM) who manages their portfolio, and at a review meeting the IM compares their performance against the benchmark, against the sector, against the FTSE 100 etc, thinking they have done a good job because they have provided a slightly better return compared to those. But the key return they should be focusing on is the return that the client needs to achieve their objective. If the IM hasn’t achieved this return, then their clients are not going to achieve their goal. So, whilst it is nice to beat a benchmark, it has no real relevance to a client’s financial plans, yet so many people focus on comparative returns.

A key tool that I use with clients to help calculate what annual return is needed for their portfolio is Cash Flow Planning. This involves software which takes account of a client’s current situation (assets, liabilities, income, expenditure) and then models how these factors will change up to and through retirement. This then allows me to analyse various key outcomes and make changes to the client’s financial plan to improve their situation. Areas such as minimising Inheritance Tax, calculating how much a client needs to save each month, how much can they spend in retirement, how much life cover they need, how resilient their investments are to a market crash, tax efficient decumulation, and as previously mentioned, what annual return do they need to meet all of their objectives and not run out of money.

Notably, Cash Flow Planning is also a hugely powerful tool when it comes to helping a client financially navigate their way through a divorce. I recently met a new client, Mr Stevens, in London who is going through divorce and he understandably wanted to discuss how any pension split would affect his retirement plans. Having input all his current information into the software, we looked at how his existing pensions were projecting to perform and whether he was on track for his desired retirement, which he was. I was then able to factor in a large loss in his pensions (in this case he was expecting to lose 40% of his pensions to his ex-wife), which allowed me to clearly illustrate how the divorce would affect his retirement plans. Unsurprisingly if Mr Stevens did lose 40% of his pension, this would have a noticeably detrimental impact on his retirement plans. Facing the prospect of running out of money midway through his retirement, or having a lot less to spend in retirement than he would like, I was then able to use the Cash Flow Planning software to calculate how much extra money he would have to save from now until retirement to ensure he had enough money accumulated to provide a suitable retirement income.

Mr Stevens was then able to use this newly calculated monthly pension contribution amount when it came to his financial settlement negotiations, because one major concern for him was being faced with a significant spousal maintenance obligation. He was planning to use this figure to argue how much of his income he needed to retain to ensure he wasn’t going to suffer in retirement.

In conclusion therefore I hope this article has demonstrated that without knowing what a client is trying to achieve, it is impossible to know whether their portfolio is performing well for them, and that a financial planner, using cash flow modelling, is vital to work with family solicitors to assist both divorcees and divorcers to move forward with their financial lives post-divorce. ■

David Gibb Chartered Financial Planner & Chartered Wealth Manager STEP Affiliate

If you would like to find out more about cash flow modelling from Quilter Private Client Advisers or be put in touch with your local office please email QPCA@quilter.com or call Jane Birchall on 07471 354933. QPCA, as SIFA Professional members are proud to be feature on the SIFA Directory of Professional Advisers: www.sifa-directory.info

The only functioning market for property

2020 had started with such optimism. There was

finally closure on Brexit. We had a new prime minister with a strong majority. Buyers queued to get into our February auction. The ballroom had to be extended to accommodate the crowd. The sale raised over £45m as bidders fought more aggressively than we had seen in years. Confidence, much to the relief of many, had thankfully been restored. Nobody could have anticipated what was to come next.

I’ve experienced many challenges to keeping our auctions operating over the years - storms of biblical proportions, picketing by pressure groups, postal or transport strikes, angry protesters, even having to learn Spanish hastily to sell in Madrid. But nothing comes close to what we are now facing with the outbreak of Covid-19.

In February, I was asked what we would do if Coronavirus prohibited a ballroom auction. It seemed more of a theoretical question at the time. The virus was spreading beyond China but had not reached pandemic status. If needed, livestreaming the auctioneers from the room would work. After all, we do that anyway. Bids can be made online, by phone or by proxy. And so, we set to work building our March commercial and residential catalogues.

We released our 285-lot residential catalogue in the midst of the World Health Organisation declaring Coronavirus as a pandemic. We were not in lockdown but the escalation of the crisis was becoming ever more frightening. For us, this ruled out a closeddoor physical sale; an exclusively online auction was the only safe option. Allsop has held multiple sales online, so we were immediately able to ensure that all interested parties were given full guidance on the process. Pre-registration is necessary for anti-money laundering purposes in any event but purchase and sale contracts were modified to safeguard enforceability, while physical viewings were replaced with virtual tours and internal photographs. Memoranda were signed electronically by Allsop on behalf of buyers and sellers to evidence the binding contracts formed on the fall of the virtual hammer.

The results were better than expected. The commercial sale has raised over £31m with 78% of lots sold. The residential sale achieved over £29m with 77% sold.

A £60m combined receipt demonstrates auctions are still working despite the stagnation now stifling the private treaty market. Estate agency branches are closed and Zoopla has reported that that the number of new property sales agreed in the UK has fallen by 70%. Yet the auction market has remained resilient in the online space.

As an auctioneer, I will always prefer the atmosphere of the room and the excitement of public combat. I have no doubt that prices can be enhanced more effectively by a skilled auctioneer in a live environment. For the time being though, online is a vitally important and highly efficient substitute. ■

Gary Murphy Auctioneer Allsop

Is this a permanent change to working life?

Asks Trevor Cook, MD of Go Internet, www.gointernet.co.uk.

There is no question that the COVID-19 pandemic has changed the way that many firms across the country are conducting their business. Employees who would ordinarily begin their working days in an office have begun to complete their work from home. Will COVID-19 serve as the catalyst for change within businesses with home working becoming the norm?

Cloud computing has become more popular in recent years with many businesses offloading on-premise servers in favour cloud solutions like Office 365 or Googles G-Suite. Perhaps it’s also time to consider your office phone system. Traditionally, old fashioned IDSN phone systems have consisted of on-site PBX (wall mounted private exchange) offering little in the way of flexibility and mobility. It is also worth nothing that by 2025 BT are phasing out ISDN, the technology used to deliver multi-line telephony over an copper line – so the market it slowly shifting towards hosted VoIP Phone systems, so don’t leave it until the last minute to investigate alternative solutions.

So what is VoIP and how can hosted VoIP help my business?

Hosted VoIP is a service where a virtual phone system is hosted on servers based in the service providers data-centres, meaning that your business can have a fully functioning phone system without needing to purchase or pay to maintain an on-site PBX. Hosted VoIP includes all of the features that you would expect from a modern telephone system. Those benefits include Interactive Voice Response (IVR) / Auto Attendant, Ring Groups, Music on Hold, Conference Calling, Voicemail to name a few.

Calls are delivered to the business over an internet connection. There are a variety of ways to connect to a hosted VoIP service, of course the most popular form is an IP desk phone – however there are alternatives. If your team work out of the office regularly, then a connected mobile app is perfect and can be used either exclusively or it can mirror your desk phone. Therefore, calls to an extension within the business can be picked up at the desk or on the move. Outbound calls from the mobile app also present your customers with your office number keeping your business calls on brand.

Hosted VoIP is perfect for businesses working out of multiple offices at different locations or where staff work from home. By putting your telephone system into the cloud, all of the phones within the business become a part of a single phone system. Calls can be answered in London and transferred to Southampton with the press of a few buttons.

So what does this mean for my internet connection?

By moving your phone system to the cloud, it does increase the reliance on your business internet connection so choosing the right kind of internet connection is important. Choosing a broadband product with the correct SLA (Service Level Agreement) for your business is essential. A perfect entry level internet product for most businesses considering a shift to Hosted VoIP is EoFTTC. Ethernet over FTTC is very similar to ordinary fibre broadband except it is assured for voice, and has a guaranteed fix time of 7 hours 24/7/365. What does this mean for your business? Because it is assured for VoIP the definition of a fault on this product is different. If there is excessive jitter or packet loss on the connection affecting the VoIP service we can have this looked into, whereas on an ordinary broadband connection this would not be possible.

Getting the end to end solution is the most important thing. By providing the internet connectivity, a managed and monitored router and the hosted VoIP service, the journey for the user is all complete. Find out how this can transform your business working. ■

www.gointernet.co.uk

Remote Working Is Easier With VoIP

Lower costs Complete portability Clearer voice quality Supports multitasking Higher scalability & flexibility

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