Business planning—regulatory requirements
Produced in partnership with DG Legal
Business planning—regulatory requirements

The following Practice Compliance guidance note Produced in partnership with DG Legal provides comprehensive and up to date legal information covering:

  • Business planning—regulatory requirements
  • Key terms
  • What is a business plan?
  • SRA Handbook
  • Importance of business planning
  • Alternative business structures—authorisation
  • Writing an effective business plan
  • Consequences of non-compliance

This practice note covers regulatory requirements which must be observed when preparing a written strategy for operating and managing the firm’s business, commonly known as a business plan.

The SRA has made it clear that it expects strong business management from firms but there is very little in the way of detailed regulation.

Key terms

ABS alternative business structure—characterised by the involvement of non-lawyer owners and/or managers
COLP compliance officer for legal practice
firm solicitor practice or ABS
solicitor practice sole practice, partnership, LLP or company owned and managed by lawyers
SRA Solicitors Regulation Authority
SWOT strengths, weaknesses, opportunities and threats

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