Increasing numbers of legal practices are facing financial difficulties, through factors including an uncertain economic climate and sector-specific issues, including changes to legal aid and no win, no fee arrangements.
When a legal firm is struggling, seeking professional advice at the earliest opportunity will ensure the maximum number of options is available for restoring the practice to financial health.
Taking early action can also avoid the need for the Solicitors Regulation Authority taking action to protect clients’ money and assets.
At Haslers accountants and business advisers in East London and Essex, our experience in working with legal firms – from sole practitioner solicitors to multi-partner practices – means we are ideally placed to assist in tackling financial challenges and helping to establish a more robust financial footing.
Our insolvency and recovery services team includes qualified Insolvency Practitioners, who are able to quickly identify problems and put in place robust solutions designed to preserve and protect viable businesses. Where a formal insolvency procedure is the only option, our focus is to maximise the value gained from an orderly winding up.
To assist legal firms in providing added value services, we can also provide expert support where solicitors are advising clients facing their own financial difficulties.
To find out more about Haslers’ East London and Essex-based accountancy and business advisory services for solicitors, please contact us.