Law Society buys a stake in Cheshire software firm Riliance
THE Law Society has bought a stake in a small Cheshire software business which helps legal practices comply with new regulations.
Based in Tarporley, Riliance, which is backed by entrepreneur Mark Gidge, has rapdly established itself as the market-leading online support tool for law firm Compliance Officers for Legal Practice and Finance Administration (COLPs and COFAs) – two new positions all regulated firms will be required to have from early next year.
The deal, which includes an equity investment by the Law Society, provides for the Society’s involvement in further development of the product and promotion of Riliance as part of the Law Society Risk and Compliance service.
Desmond Hudson, chief executive of the Law Society, said: ‘From January 2013 the responsibilities of COLPs and COFAs, under outcomes-focused regulation, will take full effect.
“While some solicitors’ firms have developed bespoke support tools, not all firms will have the resources to do this on their own. The Riliance online support product has been developed by experienced solicitors, with considerable expertise in compliance. It has already proven to be an effective tool, with good feedback from customers.
“Our stake in the company and marketing support will help Riliance to develop its product and service to solicitors more speedily. The Law Society will improve the support provided to our members by packaging the Riliance software with our other products.”
Mr Gidge, who launched Riliance in January this year and already has more than 250 legal clients, said: “‘We are delighted to have the Law Society as our partner and look forward to working alongside them.
“The strength of the Riliance product combined with the Law Society’s expertise in this area will ensure the availability to members of a first class risk and compliance product suite that will significantly aid firms in becoming and remaining compliant.”
Mr Gidge said he expects to add to his nine-strong team as business picks up.
