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Since 2015, Voxius has been organizing Compliance Round Tables, meetings on a wide range of compliance topics. We closely monitor trends and developments in this field and provide a platform for professionals to exchange ideas in a confidential setting. The theme for 2021 is:

Compliance in the Legal Profession – tApplication of “best practices” from other sectors 

The leading role of compliance management has become indispensable both in the business world and, increasingly, in the legal profession. Almost every week, a new case of failing governance and (legal) risk management comes to light. Recently, the spotlight has also been on compliance and oversight in the legal profession and the notary sector. In addition, there is a growing trend among legal professionals who are increasingly asking themselves in their work: “Is it legal, or is it right?”

In March 2021, Voxius organized a virtual discussion for compliance officers in the legal profession. Virtually all compliance officers from the top 15 law firms participated in this meeting. The purpose of the meeting was to exchange “best compliance practices” among the legal profession, the business community, the financial sector, and the accounting profession. During the virtual discussion, the critical success factors were examined, and the following topics were explored in depth:

  • The balance between hard and soft controls;
  • Integrity as the foundation of compliance;
  • Openness to discussing compliance dilemmas;
  • Proactivity in new standards;
  • Compliance Governance and Management.

Prof. Dr. Muel Kaptein and Mr. Michael van Woerden served as moderators and inspired the participants with real-world examples drawn from their extensive careers in compliance. The broader perspective they provided and the active participation of the attendees were viewed very positively by everyone.

A follow-up meeting on compliance in the legal profession is now scheduled for fall 2021, during which these complex compliance issues will be explored in greater depth. This meeting is intended for those with ultimate responsibility for compliance in the legal profession (partners, portfolio managers on the executive board). This year alone has seen enough issues arise that compel us all to give greater shape and substance to the compliance framework in the professional services sector—and, in this case, the legal profession. Examples include the structure or effectiveness of compliance, setting the right agenda in the boardroom, and the way in which the importance of compliance is communicated (the “tone at the top”). But topics such as how compliance is perceived by all employees and how they themselves discuss it also require greater attention from the board and/or managing partners.

If compliance is part of your responsibilities and you would like to be kept informed about upcoming Compliance Round Tables, please email: haarbosch@voxius.nl