Orderly Closure of Law Firms
Due to the regulatory requirements surrounding law firms, the closure of a law firm is not a simple process and needs to be conducted with care and attention to avoid regulatory repercussions for both the firm and the owners.
Whether you are seeking to close your firm completely or your firm is merging or being sold there will be responsibilities that the owners of the firm must address.
To avoid negative attention from the Solicitors Regulation Authority there are a number of core areas that a firm must consider and some of these considerations may apply even if your firm is being sold, dependant on the arrangement made with the buyer.
The strategic Partner works with firms to ensure that closure is undertaken on an orderly basis and where that is simply not possible due to sudden or financial issues, we will work with the firm to minimise negative impact wherever possible.
To find out more about our law firm closure service you can call us on 0203 911 9710 or you can email us at email@example.com.
Our Closure services will include helping to build a closure strategy trough to taking the necessary action on your behalf and will cover the following key areas: -
- SRA Notifications and other regulatory issues
- Notifications (website, letter head, website, phones etc)
- Companies House Notification where necessary
- Insurance and Run off cover including extended policy periods
- Staff Management
- Client Management and File Transfers
- Liaison and engagement with Accountants
- Banking and Finance
- Client Accounts and Office Account Management and considerations including aged client balances
- Disbursement Management
- Files Storage and Archive Management
- Undertaking transfers at discharge
- HMRC considerations
- Debt Management
- Credit Management and Credit Control
- Offices and Office Equipment
- Case Management System considerations
- Partnership and Shareholder agreements including disputes
There is a significant amount of work to undertake and organise when a law firm is to be closed in an orderly basis and planning for the closure is an essential step to ensuring it is a task that is completed correctly protecting the firm, the owners, the compliance officers its staff and clients.
Additional Compliance Services
For more details on each of the services we provide please click on the links below.
Codes of Conduct inc COLP & COFA
Firm and File Audits
New Law Firm and ABS Applications
Compliance Management Service
Compliance Administration Service
Professional Indemnity & Renewals
Office Manual (inc quality kitemarks)
Drafting and Documents
Training and Development
Partnership & Shareholder Agreements
Succession & Exit
Closure of a Law Firm
Data Protection & GDPR
We provide both packages and individual solutions that directly add value into the firms we work with.
To find out more about our law firm closure service you can call us on 0203 911
9710 or you can email us at firstname.lastname@example.org.