If you’re in compliance, chances are you’ve either got a legal background or you’re thinking about qualifying as a solicitor to continue progressing your career. With a lot of businesses requiring a qualified solicitor to take their most senior compliance role. If you’re already in the legal compliance world, becoming a COLP (Compliance Officer for Legal Practice) probably seems like a logical career goal.

But, have you really considered what else comes with that title?

The legal landscape is shifting fast, and the SRA’s stance on compliance accountability is unbelievably tough. So, I wanted to break down what it really means to be a COLP, what’s changing in the regulator’s approach, and whether this is truly the right career move for you.

What does a COLP actually do?

Compliance Officer for Legal Practice (COLP) is a mandatory role in all SRA-regulated firms. They’re personally responsible for assuring the firm complies with the SRA standards and regulations.

Key Responsibilities:

• Ensure the firm has robust systems to meet regulatory requirements
• Monitor and enforce compliance across the firm
• Report breaches to the SRA
• Acting as the bridge between the SRA and the firm
• Overseeing staff training on compliance.

Sounds a lot like a senior compliance role, right?

The stakes are much higher when it’s your head on the chopping block. Unlike compliance positions, the COLP is personally responsible for any compliance failures. Your name, qualifying certificate and reputation are on the line.

"The COLP role is not just about doing compliance, it’s about personal liability. You’re responsible for ensuring compliance, and that means making tough calls that could put you at odds with colleagues or management." — Legal Compliance Consultant

The hard truth is, if a firm you worked for was investigated, your name will be flagged in every future job application. Even if you did nothing wrong.

The Growing Scrutiny on COLPs:

Traditionally,  COLPs were seen as safeguards, but not personally liable unless they were directly involved in any misconduct. That’s no longer the case.

At the 2023 SRA Compliance conference, SRA Chief Executive made it clear: "Managers of firms must take responsibility for self-regulation. If wrongdoing is found, we will examine the firm’s structures to understand how it was allowed to happen."

Accountability goes beyond the people involved. If misconduct is down to one rogue individual, the firm and COLP could still be held responsible.

Cases to make COLPs think twice:

Andrew Coates: COLP at a city law firm, where a fee earner was found guilty of AML Failings related to a property investment scheme. The SRA argued that red flags weren’t investigated properly and more should have been done.

Aman Mahroof: Fined for multiple accounts rules breaches, including mishandling client money. He was both COLP and COFA, making him directly accountable for financial compliance failures.

These cases show that trusting your senior colleagues isn’t enough anymore. You’re expected to personally verify compliance, even outside your own legal expertise.

The reality of Personal Risk

So, if you do step into the COLP role, what’s the worst that could happen?

• SRA investigations and SDT proceedings.
• Personal fines or regulatory sanctions.
• Career damage if found responsible for compliance failures.
• Stress and pressure from the weight of responsibility.

If you do qualify as a solicitor and take on the COLP role, it’s crucial you safeguard yourself.

1. Get the right indemnities in place.

Before saying yes to the role, make sure your firm indemnifies you against regulator action as COLP. (Be careful, indemnities don’t cover personal misconduct, and if your firm merges or closes you could still be at risk)

2. Consider specialist insurance

Most Professional Indemnity Insurance (PII) policies don’t cover regulatory fines. Some firms have management liability insurance, but these often exclude compliance failures.

Only 5% of insurers offer a regulatory costs extension so finding comprehensive cover can be difficult.

3. Authority and Independence

If you’re responsible for compliance, you need full access to the right information. Be involved with senior leadership meetings. Push for compliance training and external support. Most importantly, make sure you have access to financial reports, files, and compliance reports.

"If a COLP is expected to take on full responsibility for compliance but isn’t given the tools or authority to do so, they are being set up to fail." — Senior Compliance Consultant

So… is this the right move for you?

Becoming a COLP is a powerful career move, but it must be done for the right reasons.

If you’re passionate about compliance, have the right support in place, and you’re prepared for the accountability this could be a great step forward.

If you’re doing it because it feels like the logical next step, really ask yourself why. This role isn’t just a title – it’s a massive responsibility.

I’d love to hear from COLPs past and present, what made you take the leap? Reach out share your experience.

Let’s help our compliance leaders of the future.

Lauren.Eager@QEDLegal.com