Carolyn Beal - Legal Compliance Consultant, Beal Cooper Compliance Ltd
What were your career ambitions growing up?
I went through a variety. I wanted to be in the Police, in the Army, in the Royal Military Police, or a midwife. Someone suggested being a Solicitor when I was about 16 and things took off from there.
Tell us about your current role?
I work with law firms to support them with their regulatory compliance needs. It’s not everyone’s favourite area, but really enjoy it. I work with COLPs, COFAs and MLROs, deal with firms’ complaints on an outsourced basis, help firms after an SRA audit, help firms make sure they are compliant before it gets to that stage, provide independent Reg 21 AML audits, carry out outsourced file reviews and draft necessary policies and procedures for firms. Firms can struggle with compliance either because of time constraints or because it’s difficult to keep up with the constant change. Being able to take some of that burden away is really satisfying.
What is your proudest business achievement?
Taking the leap away from being an equity Partner in a successful law firm to setting up my current business from scratch. Building my business to what it is now is something I am enormously proud of.
How has your industry changed in the last decade?
Law is one of the ‘traditional’ professions, but it’s been subject to a lot of change. There’s been a growth in opportunity for firms with rising numbers of ABS applications and an increase in mergers. The changes to legal aid and the general issues within the Court service have had to be absorbed and dealt with. Covid had a huge impact and the resulting increased use of technology has been a positive step. AI is a big change for firms. It’s an advantage, but firms are having to be proactive about both the benefits and concerns it introduces. The expectations of clients and newly qualified lawyers have increased and firms are focussing more on culture and quality of service, as a result. I think one of the biggest changes has been the increase in regulation and oversight and the impact it’s having on all firms, especially the introduction of increased requirements for AML, data protection and the SRA’s Standards and Regulations. Ethics also has a new focus. It’s resulted in compliance becoming an essential function.
What are you currently working on?
This week, I’ve drafted new policies for a firm, prepared for an independent Regulation 21 AML Audit I’m booked to carry out, worked on site with a firm for a day as part of a retainer to assess compliance gaps, and I’ve responded to some complaints for a firm on an outsourced basis. Lots of variety!
Tell us about the clients you work with?
Law firms of all sizes and specialisms, generally in the North East but some nationwide.
What is the best piece of business advice you have been given?
Remember your successes. It’s a big help to keep them in mind when facing a challenge.
What has been your biggest challenge?
Overcoming my fear of networking! It doesn’t come easily to everyone but after a lightbulb moment, it’s definitely easier now.
Who are your heroes inside and outside of business?
Inside business: Sara Davies. Sara has such a positive but realistic attitude to business and shines a bright light on our region.
Outside business: David Attenborough. Need I say more?
Favourite Book and Boxset ?
Can I have two? Box sets: Game of Thrones and This is Us.
Books: My Friends by Fredrik Backman and On The Beach by Neville Shute.
www.bealcoopercompliance.co.uk