Compliance

The KSP commitment

We are guided by law and justice: We feel an obligation to the highest moral and professional principles. We treat one another with respect and appreciation, both inside and outside the firm.

Our clients have top priority. Their standards and requirements are ours, too. We always offer them an extra level of service and commitment.

Our staff are the soul of KSP. They are motivated to assume responsibility and to deliver excellent work. They extend their knowledge permanently and are actively involved in the continuous improvement process.

Lawyer status

The recovery of non-performing receivables and the provision of legal advice are genuine lawyerly activities. Our outstanding productivity enables us to provide this service successfully, especially as a volume business. The fact that KSP is a firm of lawyers is of great importance for the success of receivables management. Over the last few years, this has been clearly demonstrated by comparing our results with those of debt collection agencies. Our status as lawyers is a decisive factor for our high recovery rates and for the image that reflects on our clients.

Independence

Lawyer’s professional regulations require that they be independent of third parties. In addition to lawyers themselves, only a very limited range of professions, such as tax advisers, are permitted to own law firms.

Other shareholders (e.g. hedge funds, trading companies, conglomerates or other interest groups) are not allowed. This legitimate rule serves to prevent conflicts of interest and/or third-party influence. KSP is thus able to approach its clients as an independent, reliable, trustworthy and predictable partner.

Supervision by regulatory authority

Law firms in Germany are subject to the direct supervision of the relevant bar association. This also applies to KSP. The bar associations supervise lawyers to ensure that their work complies with the law and good practice. This promotes the confidence of clients in the integrity of the profession.

Transparent fee structure

Lawyers’ fees are regulated by the German Legal Fees Act (RVG). This enables external third parties to recognise and understand how these fees are composed for each stage of the collection process.

Debtors can therefore understand the reasons and the amount of the fees charged, which in turn leads to fewer objections and better payment histories. The statutory fee structure not only provides protection against overcharging, but also provides legal certainty for all concerned.

Conflicts of interests forbidden

A lawyer is not allowed to take on an assignment against a natural or legal person whose interests they are representing in another matter. This prevents conflicts of interests which would impair the performance of the work. We have several mechanisms in place to ensure that conflicts of interests of any kind are ruled out.

Duty of confidentiality

Section 43a, paragraph 2 of the German Federal Lawyers Code (BRAO) and Section 42 of the Professional Code for Lawyers (BORA) impose strict confidentiality on lawyers and their employees. This duty relates to everything that comes to their attention in the exercise of their profession. Infringements are punishable by fines or prison sentences in accordance with the German Criminal Code. These restrictive regulations to protect clients go well beyond data protection legislation. They reinforce the relationship of trust between KSP and its clients and protect the exchange of information about internal processes.

Unlimited range of legal remedies

As a result of their demanding legal education and their admission to the bar association, lawyers can make use of a range of legal instruments which is basically unlimited. Legal advice is not limited to specific areas of law and also covers the conduct of litigation in all courts (apart from the German Federal Court of Justice).

The opportunities available to debt collection agencies are very limited by contrast, since

they may not offer comprehensive legal advice.
Indeed, they often do not have the necessary legal knowledge to do so.
Debt collection agencies are not permitted to conduct proceedings before a court.

Public reputation

Lawyers in Germany enjoy an excellent reputation and particular acceptance and respect from the general public as a part of the system for administrating justice.

Appointing lawyers to recover outstanding receivables is not only perceived by the defendants to be more serious, effective, consistent and competent than the use of other service providers, but also by other parties involved in the proceedings such as the law courts. As a result, this reputational advantage has a positive effect on the speed of payment and also on the customer relationship and the possibility of keeping the customer. For reputational reasons and out of respect for their customers, many businesses attach increasing importance to the appointment of serious lawyers.

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