Given the current economic climate and changes to the legal services market, some solicitors may be considering winding up their practices.
However, there are a number of regulatory requirements to consider when closing down your practice. This makes it vital that you plan well ahead to ensure an orderly closedown and deal with outstanding issues such as client matters, client money, insurance and other administrative functions.
Failure to close your practice in a proper and orderly manner could lead to disciplinary action, as well as financial losses in cases where the Solicitors Regulation Authority (SRA) is required to intervene or the ombudsman upholds a complaint against you.
When the SRA is required to close a practice, an intervention agent is appointed to perform the necessary duties, including handling all of the papers and monies held by the firm on the regulator’s behalf.
As our specialist Brian Flint has acted in four such interventions, he has the practical experience and knowledge required to assist solicitors who are considering winding up their practice, and so can ensure you do not find yourself in breach of any of the regulatory requirements.
Furthermore, your clients will require new solicitors to act for them, and the team at Pearson Rowe would be happy to consider such instructions, especially if urgent action is required due the time constraints on particular cases.
For more information on how our Birmingham-based specialists can help with the regulatory requirements of winding up your solicitors practice, please contact us.