With the demise of legal aid and the rising cost of professional indemnity insurance, it is a fact of life that some legal firms are going to struggle.
The Solicitors Regulation Authority (SRA) has issued some guidelines for such firms if they are facing formal insolvency proceedings.
Although the SRA does not state how a firm should deal with its financial difficulties, it does expect its members to ‘comply with the principles in the handbook at all times, including when dealing with the disposal of the business’.
Law firms failing to adhere to the SRA best practice guidelines are at risk of being disciplined or even having their practicing certificate revoked.
More information can be found on the SRA website – www.sra.org.uk.
It is important for anybody facing financial difficultes, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency pracitioner as soon as possible.
To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.
Redman Nichols Butler has had an office in Scunthorpe for over 3 years now and specialises in advising SME businesses in Scunthorpe, Grimsby and the whole of North East Lincolnshire. The Redman Nichols Butler Scunthorpe office address is Suite 8b, Normanby Gateway, Lysaghts Way, Scunthorpe, DN15 9YG.