Insolvency Advice for Solicitors
Are you a Solicitor looking for Recovery, Turnaround or Insolvency advice for your law firm?
Look no further, our specialist knowledge in dealing with Solicitors Practices means you are in safe hands.
Our experience with law firms stretches from sole practitioners whose 3 year time in the Assigned Risks Pool ran out to the large (SRA intervened) Midlands based firm of Blakemores in early April 2013. Our assistance ranges from cashflow and stakeholder management, finance raising and mergers/disposals, to inevitably insolvency solutions, such as Prepack Administrations, when all else fails.
Your profession has faced unprecedented changes over the last few years and the full effect of those changes is still yet to be felt, for example you may be a PI firm wondering whether the referral fee ban will really have an impact on you, you may be a criminal practice facing a substantial reduction in both LAA funding and prosecutions as a result of reduced police authority budgets, you may even be one of the firms that is facing serious difficulty in renewing your PI cover at an adequate level or competitive price.
Whatever your situation, we know the importance of early engagement and management of the stakeholders in your practice, from your funders to your staff, from the SRA to the LAA and HMRC. Seeking an early rescue and recovery plan is key to avoid loss of control, regulatory problems, and the destruction of your hard earned business and professional standing.
The SRA have FinStab (Financial Stability) at the top of their outcome focused regime, it is critical you get it right, and critical you allow someone external to advise you without the emotional ties and fears you may have. It is also critical to ensure you conduct an orderly winding down of your affairs to protect client interests and the reputation of the profession if you accept your current business structure has no viable future.
By engaging us early on, you stand the best chance of emerging from your current situation with your head held high and well positioned to move forward whether that be in, or out of, the profession.
Contact us now to start the process of facing and dealing with your concerns.