Law firms should have exit strategy

Law firms should ensure they have a proper exit strategy, the Solicitors Regulation Authority (SRA) has said, following a spate of Solicitors Disciplinary Tribunal hearings in which firms failed to follow the correct process for closure. Five solicitors were fined for not closing properly. Gordon Ramsay, SRA director for legal and enforcement, says: “This is not an issue about affording run-off cover or finding a successor practice, which we know can often be a problem for those looking to close down. It is about ensuring the interests of clients and others are fully protected.”