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'I'm a lawyer, get me out of here'

Martyn Caplan advises firms on how to plan succession and exit routes – and their financial future

14 March 2017

Never before has running a law firm been so challenging. The myriad of circumstances leading to firms encountering difficulties can seem relentless. Growing demand for evidence of future succession strategies from lenders and insurance companies is one such headache. The traditional questions about how a business is performing now usually come with a supplemental request to show a business plan for the future.

Meanwhile, an increasing number of firms are beholden to banks that may demand personal guarantees or pull the rug at any time. Professional indemnity insurance is increasingly expensive and an exorbitant amount of profitable, fee-earning time is eaten up in keeping pace with legislation and resolving other management headaches.

As well as external challenges, firms face many internal issues. New regulations for compliance officers for le...

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