Tag Results
BSB uncovers chambers with financial problems and tells them to prepare “emergency plans”
Friday, 24 October 2014The Bar Standards Board has told three chambers with financial problems to “prepare emergency plans” to minimise the impact on clients should they be forced to close.
Tags: bar standards board, equality and diversity, financial stability
Posted in Barristers, Latest news, Regulation
Half of partners “don’t understand catastrophic personal consequences” of law firm failures
Friday, 29 November 2013Half of partners do not fully understand the potentially “catastrophic” personal consequences of their firm getting into financial difficulty, new research has warned. Baker Tilly said individual partners in firms “can no longer expect that being a good lawyer is good enough”.
Tags: financial stability, Solicitors Regulation Authority
Posted in Finance, Latest news
SRA decides against testing thousands of firms for financial stability
Thursday, 28 November 2013The Solicitors Regulation Authority has decided against testing the financial stability of thousands more law firms despite concerns about how widespread problems are in the profession, it announced yesterday.
Tags: compensation fund, financial stability, intervention, Solicitors Regulation Authority
Posted in Latest news, Solicitors
From the naive to the desperate: SRA reveals anatomy of failing law firms
Monday, 23 September 2013Misleading funders, inflating work-in-progress valuations and shortages in client account are among the common features of financially unstable firms that are currently under investigation by the Solicitors Regulation Authority, it has emerged.
Tags: financial stability, Solicitors Regulation Authority
Posted in Finance, Latest news, Solicitors
SRA puts 1,200 firms on financial stability watchlist – how many more will join them?
Thursday, 19 September 2013The Solicitors Regulation Authority now has 1,200 law firms on its financial stability watchlist, with more likely to join it shortly, it has emerged. It follows the recent request for financial data from 2,000 practices.
Tags: financial stability, Solicitors Regulation Authority
Posted in Finance, Latest news, Solicitors
Hudson questions SRA work on financial stability
Thursday, 11 July 2013The Solicitors Regulation Authority is biting off more than it can chew by trying to deal with the financial stability of law firms, the Law Society chief executive has suggested. He also said law firms would do well to be scared by new entrants to the market.
Tags: financial stability, Law Society, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Official secrets
Monday, 17 June 2013Your COFA should live, sleep, eat and breathe financial management. This isn’t optional; rule 1 of the Accounts Rules demands compliance with the SRA principles and Code of Conduct in relation to effective financial management of the firm. So what is effective financial management? Outcomes-focused regulation usually means you have to guess what the SRA expects; however, in a rare moment of clarity, the SRA has explained exactly what good and bad financial management looks like.
Tags: COFA, compliance officer for finance and administration, financial stability, Solicitors Regulation Authority
Posted in Accounts rules, Blog
Thirty of top 200 on SRA list of financially unstable firms
Thursday, 13 June 2013Around 30 of the top 200 law firms in England and Wales are under intensive supervision from the Solicitors Regulation Authority (SRA) because of fears about their financial stability, it emerged yesterday.
Tags: financial stability, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Blog
Keeping the conversation going beyond Pride Month
As I reflect on all the celebrations of Pride Month 2024, I ask myself why there remains hesitancy amongst LGBTQ+ staff members about when it comes to being open about their identity in the workplace.
Third-party managed accounts: Your key questions answered
The Solicitors Regulation Authority has given strong indications that it is headed towards greater restrictions on law firms when it comes to handling client money.
Understanding vicarious trauma in the legal workplace
Vicarious trauma can happen to anyone who works with clients who have experienced trauma such as domestic or other violence, child abuse, sexual assault, torture or being a refugee.
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