Tag Results

BSB uncovers chambers with financial problems and tells them to prepare “emergency plans”

The Bar Standards Board has told three chambers with financial problems to “prepare emergency plans” to minimise the impact on clients should they be forced to close.

October 24th, 2014 | No Comments »

Half of partners “don’t understand catastrophic personal consequences” of law firm failures

Half of partners do not fully understand the potentially “catastrophic” personal consequences of their firm getting into financial difficulty, new research has warned. Baker Tilly said individual partners in firms “can no longer expect that being a good lawyer is good enough”.

November 29th, 2013 | 1 Comment »

SRA decides against testing thousands of firms for financial stability

The Solicitors Regulation Authority has decided against testing the financial stability of thousands more law firms despite concerns about how widespread problems are in the profession, it announced yesterday.

November 28th, 2013 | No Comments »

From the naive to the desperate: SRA reveals anatomy of failing law firms

Misleading funders, inflating work-in-progress valuations and shortages in client account are among the common features of financially unstable firms that are currently under investigation by the Solicitors Regulation Authority, it has emerged.

September 23rd, 2013 | No Comments »

SRA puts 1,200 firms on financial stability watchlist – how many more will join them?

The Solicitors Regulation Authority now has 1,200 law firms on its financial stability watchlist, with more likely to join it shortly, it has emerged. It follows the recent request for financial data from 2,000 practices.

September 19th, 2013 | No Comments »

Hudson questions SRA work on financial stability

The Solicitors Regulation Authority is biting off more than it can chew by trying to deal with the financial stability of law firms, the Law Society chief executive has suggested. He also said law firms would do well to be scared by new entrants to the market.

July 11th, 2013 | No Comments »

Official secrets

Your COFA should live, sleep, eat and breathe financial management. This isn’t optional; rule 1 of the Accounts Rules demands compliance with the SRA principles and Code of Conduct in relation to effective financial management of the firm. So what is effective financial management? Outcomes-focused regulation usually means you have to guess what the SRA expects; however, in a rare moment of clarity, the SRA has explained exactly what good and bad financial management looks like.

June 17th, 2013 | No Comments »

Thirty of top 200 on SRA list of financially unstable firms

Around 30 of the top 200 law firms in England and Wales are under intensive supervision from the Solicitors Regulation Authority (SRA) because of fears about their financial stability, it emerged yesterday.

June 13th, 2013 | No Comments »