Tag Results
Avoiding SRA intervention post-Axiom Ince
Monday, 21 July 2025The Solicitors Regulation Authority (SRA) has significantly stepped up its scrutiny of law firms’ financial health in the wake of Axiom Ince Ltd.’s high-profile collapse, which exposed major regulatory shortcomings.
Tags: Recovery First
Posted in associate news
When speed is of the essence: Don’t delay act today
Tuesday, 3 June 2025When a law firm faces severe cashflow issues – so severe that a Statutory Demand cannot be met, or a Winding Up Petition is imminent – swift and decisive action is essential.
Tags: Recovery First
Posted in associate news
Solicitor struck off after “abandoning” law firm: The importance of structured withdrawal from law firms
Thursday, 20 February 2025A solicitor who “abandoned” his law firm, described as a fire hazard by a neighbouring tenant and clients “reduced to tears,” has been struck off.
Tags: Recovery First
Posted in associate news
Bracing for the storm: How the Autumn Budget could impact the legal sector
Wednesday, 2 October 2024As we approach the much-anticipated Autumn Budget on October 30, 2024, Prime Minister Keir Starmer has set the tone for what he describes as a “painful” economic roadmap.
Tags: Recovery First
Posted in associate news
Law firm merger warning issued by SRA
Wednesday, 14 August 2024In recent years, the UK legal market has witnessed a notable increase in law firm mergers. In 2022, there were 122 reported mergers, a rise from 99 in 2021, reflecting an almost 23% growth. This trend highlights a growing preference for expansion via acquisition rather than organic growth.
Tags: Recovery First
Posted in associate news
Closing your law firm? How to handle work in progress
Wednesday, 29 May 2024Making the decision to close all or part of your law firm is rarely an easy one. Some may opt to sell their firm to a successor practice; whilst others may choose to close the firm completely.
Tags: Recovery First
Posted in associate news
Solicitors PII: What happens if you can’t get cover… at a price you can afford to pay?
Monday, 26 February 2024Almost a third of firms now renew their professional indemnity insurance (PII) on 1 April, and we are reminded of the ongoing difficulties solicitors face in obtaining cover.
Tags: Recovery First
Posted in associate news
Covid loan repayment forcing law firms into administration
Thursday, 16 November 2023Many businesses took out government-backed loans, such as the Bounce Back Loans Scheme (BBLs) and the Coronavirus Large Business Interruption Loan scheme, to help them through the Covid-19 crisis.
Tags: Recovery First
Posted in associate news
VFS Legal administration – Understanding your firm’s options
Friday, 25 August 2023The sad news of the administration of VFS Legal, the latest in a number of funders servicing the claimant market, will inevitably have a knock-on effect on those who have used their services over the years.
Tags: Recovery First
Posted in associate news
Overcoming challenges in solicitors’ PII renewal
Wednesday, 12 July 2023Renewing Professional Indemnity Insurance (PII) over the last few years has become increasingly taxing for solicitors, with rising premiums from the hard market conditions that have extended across all professional sectors, not just law firms.
Tags: Recovery First
Posted in associate news
Blog
Change in regulator shouldn’t make AML less of a priority
While SRA fines for AML have been climbing, many in the profession aren’t confident they will get any relief from the FCA, a body used to dealing with a highly regulated industry.
There are 17 million wills waiting to be written
The main reason cited by people who do not have a will was a lack of awareness as to how to arrange one. As a professional community, we seem to be failing to get our message across.
The case for a single legal services regulator: why the current system is failing
From catastrophic firm collapses to endemic compliance failures, the evidence is mounting that the current multi-regulator model is fundamentally broken.
