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Every year firms close for a variety of reasons, including sale or merger, but what happens if you haven’t prepared to exit the market?

There are a number of regulatory processes and procedures that must be followed when closing down a firm and the Law Society advises all firms to have a plan in place for the possibility of closure, even if there are no plans to close in the near future.

This unique toolkit contains a mixture of commentary, procedural checklists, draft policies and precedents to help you prepare for this eventuality and comply with obligations to both your clients and third parties. The customisable documents are included on the book’s accompanying CD.

Contents

1. Types of exit  2. SRA regulatory issues if you are closing your firm  3. SRA Accounts Rules  4. Documents and records  5. Specific considerations for different types of practice  6. Insolvency  7. Notifying relevant parties  8. Moving to another regulator or ceasing to be a regulated practice  9. Professional indemnity insurance: regulatory requirements  10. Life after an exit event: options and regulatory considerations  Appendices. 

About the Author

Tracey Calvert runs Oakalls Consultancy Limited, providing training and consultancy services to members of the profession and prospective ABSs. Helen Carr is a consultant who provides advice and training on risk and compliance to solicitors and law firms.