Financial failures

Law firms ask for help with financial problems “too late” and several could become insolvent in the autumn, accountancy firm Baker Tilly has warned. Baker Tilley is currently carrying out a survey of firms to assess how aware partners, members and directors of law practices are of their firm’s financial reality. Rowan Williams, head of London and South at the firm, says: “It’s going to get tougher for law firms, and if they don't identify the red flags early, then the legal sector will indeed face the predicted 'perfect storm' with many becoming insolvent this autumn.”