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Is a 'perfect storm' brewing in the UK legal sector?

Copyright © 2025 LexisNexis

Published on: 15 August 2013

Published by a LexisNexis Practice Compliance expert

Table of contents

How common is it that law firms lack the cash to meet their running costs?
What is generally the cause of this?
What can law firms do to prevent this situation?
What options does a law firm have if it cannot meet its running costs?
How should this situation be dealt with within the firm and also in regards to clients?
When do you have to report financial instability to the SRA?

Article summary

Practice Compliance analysis: All is not well in the legal sector. The collapse of a number of high profile law firms has set off alarm bells in the UK. Rowan Williams, Baker Tilly’s head of London and South Professional Practices Group, one of the firms highlighting the situation, outlines the problems and strategies that firms can take to prevent failure.

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