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
  • What is a business plan?
  • SRA Code for Firms
  • Lexcel
  • 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.

What is a business plan?

The business plan sets out how the firm will achieve its objectives. Other than what is covered here, the SRA Code of Conduct is not at all prescriptive when considering the content of an effective business plan.

For some firms, the business plan will be key to every activity the firm undertakes. For these firms, significant time and ef

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