Firm closure plan
Firm closure plan

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Firm closure plan

    1. 1

      Introduction and purpose

      1. 1.1

        We have processes in place to identify, monitor and manage all material risks to our business, including those which may arise from our connected practices.

      1. 1.2

        We actively monitor our financial stability and business viability.

      1. 1.3

        We have a regulatory duty, once we are aware that our firm will cease to practise, to effect the orderly and transparent wind-down of activities, including informing the Solicitors Regulation Authority (SRA) before the firm closes.

      1. 1.4

        We also have a duty to ensure that clients’ confidentiality is protected. That duty continues after a client’s matter has concluded.

      1. 1.5

        Closing down a practice involves taking various other steps too, and requires forward planning.

      1. 1.6

        This plan:

        1. 1.6.1

          seeks to ensure we take the required steps in closing the firm;

        1. 1.6.2

          seeks to ensure clients’ confidentiality is protected throughout the closure process and beyond; and

        1. 1.6.3

          provides steps and guidance for relevant staff to follow.

    1. 2

      Responsibility

      1. 2.1

        Our [partners OR members OR directors OR other] are ultimately responsible for this plan.

      1. 2.2

        They will:

        1. 2.2.1

          agree a date for closure;

        1. 2.2.2

          invoke the closure plan before that date; and

        1. 2.2.3

          manage the delivery of this plan throughout the closure process.

    1. 3

      Notifications

      1. 3.1

        The SRA

        1. 3.1.1

          We will notify the SRA of the closure before we close by [sending an email to the SRA at operations@sra.org.uk OR contacting our supervisor].

        1. 3.1.2

          The information we must give to the SRA includes:

          1. (a)

            the date on which we plan to close;

          1. (b)

            the reason

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