Whether you are a sole practitioner or a law firm with half a dozen practicing solicitors we can help if you require insolvency advice. You would not be alone if your business has got into financial difficulty.
Obviously, the Solicitors Regulation Authority (SRA) feels the financial stability of solicitors is extremely important to ensure clients’ affairs are well looked after. In the summer of 2013, the SRA looked at certain financial aspects of a cross section of 2,000 firms that they felt might be at greatest risk and found that 5% were deemed to be a high risk as far as financial difficulty was concerned.
In recent years, fee income for a number of firms has come under increasing pressure not helped by things like the ban on referral fees in respect of personal injury cases that came into effect on the 1st April 2013 as a result of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO).
It is important that you seek advice as soon as possible if your firm is struggling financially. We can assist you in your dealings with your creditors such as HM Revenue & Customs (HMRC) and the SRA.
If it is felt that the most suitable course of action is to wind down your current business then it is vitally important that this is done correctly to ensure you clients’ interests are protected as well as your own as you may still wish to continue in practice under a different structure.
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