CASE STUDIES

HomeCASE STUDIES

How we have helped other businesses

The following are recent case Studies where Firms have benefited from working with Financial Eye.

eyelogoCase Study One

Financial Eye was contacted by the Finance Director of a medium sized firm who was being asked by the Managing Partner to take on the role of the COFA. The Finance Director was concerned that she did not fully understand the role of the COFA and what responsibilities and obligations it entailed. Financial Eye began work designing and implementing a COFA compliance plan including a COFA matter file review programme.

Since then the SRA has been in touch with the firm to consider putting them into regulatory management but were satisfied with the work undertaken by Financial Eye to deem this unnecessary. Financial Eye continue to work with the firm and are constantly assisting the firm in assessing risk and staying onside with the Regulator.


eyelogoCase Study Two

Financial Eye had been recommended to a small firm by Legal Eye who were already working with the firm’s COLP. The firm was in the process of changing its accountants and book keeper and was concerned that it had never really implemented any type of COFA risk management plan other than having a register of breaches. Financial Eye was immediately able to recommend a firm of accountants and introduce them to a firm specialising in outsourced book-keeping services for solicitors.

Financial Eye then set about developing a comprehensive COFA compliance plan tailor made for a firm of this size. The plan included a COFA matter file review programme to be undertaken by Financial Eye, a risk register and a fully integrated financial model that allowed them to prepare budgets and cash-flow forecasts in accordance with SRA requirements. The firm is now in the process of replacing its bankers and developing an exit strategy for the senior partner and Financial Eye has been there to advise them all the way.


eyelogoCase Study Three

A firm contacted Financial Eye and Legal Eye as they were looking to set up an Alternative Business Structure (ABS) with a firm of accountants. They recognised that they needed a fully SRA compliant compliance plan as part of their ABS application. Financial Eye designed and developed the COFA element of the plan including bespoke risk registers, COFA checklists and a suitable COFA matter file review programme.

The application for the ABS was approved by the SRA and Financial Eye continues to provide ongoing support including quarterly site visits to update all the work undertaken to date and to carry out COFA matter file reviews.

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