The following Practice Compliance precedent provides comprehensive and up to date legal information covering:
Introduction and purpose
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.
We actively monitor our financial stability and business viability.
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.
We also have a duty to ensure that clients’ confidentiality is protected. That duty continues after a client’s matter has concluded.
Closing down a practice involves taking various other steps too, and requires forward planning.
seeks to ensure we take the required steps in closing the firm;
seeks to ensure clients’ confidentiality is protected throughout the closure process and beyond; and
provides steps and guidance for relevant staff to follow.
Our [partners OR members OR directors OR other] are ultimately responsible for this plan.
agree a date for closure;
invoke the closure plan before that date; and
manage the delivery of this plan throughout the closure process.
We will notify the SRA of the closure before we close by [sending an email to the SRA at email@example.com OR contacting our supervisor].
The information we must give to the SRA includes:
the date on which we plan to close;
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Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
NOTE: This Practice Note is being reviewed in light of the changes to CPR 81 that will be introduced by the Civil Procedure (Amendment No 3) Rules 2020, SI 2020/747, which is available here. The changes to CPR 81 involve a substitution of the entirety of CPR 81, which will be renamed ‘Part 81
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