Reviewing Next Steps in Firm Regulation
January 25, 2021Part 1: Firm Registration and Appointment of Designated Representatives *COMPLETE*
All laws firms in the Province have completed this requirement. Thank you for your active engagement with this process. We appreciate the cooperation of Designated Representatives (“DR”) over the course of this last challenging year. Your contributions have been invaluable in the communication process.
Part 2: Online Assessment Tool
The Law Society is excited to announce the launch of the Online Assessment Tool in the coming weeks!
The Assessment Tool process is an educational exercise and a learning opportunity for both firms and the Law Society. The Online Assessment Tool asks you to reflect on your firm’s practices (including written and unwritten policies and procedures) and how they meet your professional obligations (e.g. the Code of Professional Conduct, Rules and practice standards), and to identify ways to improve. There are no right answers, and the intention of the program is to build awareness of sound practices and encourage continuous improvement by helping to identify gaps in policies and procedures, to guide improvement in practice management, and to manage risk.
This process will also assist the Law Society in identifying any additional resources your firm may need and help identify general areas of need for further resources and support for all firms.
To recognize the nuanced practice management processes and procedures as between sole practitioners and larger firms, a separate version of the Online Assessment Tool has been created for sole practitioners. Both versions of the Online Assessment Tool will be supported by a Workbook. The Workbook contains instructions to assist you in completing the Online Assessment Tool, provides additional guidance on the Practice Management Principles, and gives you access to the complete online resource library.
The Law Society recognizes that the pandemic situation has created unique and unprecedented challenges for some firms. As such, the implementation of the mandatory requirement to complete the Online Assessment Tool, pursuant to the Firm Regulation Rules, has been delayed for at least the next 6 months and will be evaluated again at that time.
Part 3: Upcoming Changes to Annual Report Forms
The Annual Report (formerly TA-3) is moving online to help facilitate the reporting process for firms. Firms with trust accounts will be familiar with the Annual Report which is filed with the Law Society at the firm’s year end, which in most cases is December 31. Pursuant to the Firm Regulation Rules, all firms must complete an Annual Report. There is a version of the Annual Report specific to firms who do not have trust accounts.
Each firm’s DR will receive a link via email to their online Annual Report, which they can share with their accountants, bookkeeper or other relevant staff. If you have not already done so, please let your accountants, bookkeepers and relevant staff know about this change in process.
More information will be available in the coming weeks and you can expect to receive further information and updated timelines in early February.