Firms at risk: A new approach to resuscitating law firms in distress

The legal profession urgently needs to establish a new expert panel to help law firms facing regulatory intervention or insolvency, says Lesley Graves

29 Nov 2013

The Solicitors Regulation Authority (SRA), Legal Standards Board (LSB) and Law Society need to undertake an urgent review of their positions with regards to helping ?law firms in distress.

A fresh approach is needed to reduce the costs of intervention and insolvency, potentially turn legal practices around, increase client protection and call a halt to asset-stripping by other firms once a practice is in financial difficulty.

A new commercial approach should be taken, with outcomes-focused regulation at its core. This would involve ?early support provided by a panel that the legal sector feels confident in engaging with and that ...

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