Financial risk & stability

Financial risk & stability guidance:

This Practice Note provides an understanding of what might cause a law firm to fail and what the bank will be looking for if it is to continue to support the business...

Practice Note

This Practice Note provides guidance on managing financial risk. It reflects the SRA Standards and Regulations 2019 and additional financial management requirements that...

Practice Note

QuestionYes/No Have you identified the amount of capital the business will need over the next five years? Have you a clear plan for controlling your lock-up in debtors...

Precedents

This Practice Note looks at some of the most common causes of financial instability in law firms and provides some suggestions on what needs to be done to ensure problems...

Practice Note

This Practice Note provides an understanding of why a law firm might need finance and the ways in which such finance might reasonably be obtained. It also considers how...

Practice Note

Preparing a cash flow statement:Yes/No Do not use accruals accounting in the cash flow forecast Do not include depreciation and other non-cash items in the cash flow...

Precedents