This document provides guidance on managing financial risk and is intended for law firms. It reflects the SRA Standards and Regulations 2019 and provides guidance on common financial risk tools.
You must:
actively monitor your financial stability and business viability—once you are aware that you will cease to operate, you must effect the orderly wind-down of your activities
identify, monitor and manage all material risks to your business, including those which may arise from your connected practices
The SRA does not provide guidance about how you should achieve this.
You must notify the SRA promptly:
of
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