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Mind your step

05 February 2014 / Simon Love
Issue: 7593 / Categories: Features , Regulatory
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Simon Love provides a warning to firms facing financial difficulty

A year ago, the failure of a law firm was virtually unheard of. That sort of thing simply didn’t happen to solicitors. However, a number of high profile failures have made it clear that the solicitors’ profession is not immune to the prevailing harsh economic conditions. Following the intervention by the Solicitors Regulation Authority (SRA) into Follett Stock LLP in November 2013, Helen Herniman, the SRA’s Director of Client Protection, said: “The legal services market is facing a tough economic environment and other firms may find they are in a similar position. We’d urge all those who may be struggling financially to get in touch as soon as possible with either ourselves at the SRA, or other organisations that can offer advice such as their local Law Society.”

Why are more law firms at risk of insolvency?

It is undoubtedly the case that the solicitors market is having to face up to historic challenges on every front. All firms are grappling with the fact

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MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
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