- Supporting professional firms facing financial challenges, who face additional pressures in the form of regulatory actions against partners or firms, including the risk of an Intervention by the Solicitors' Regulation Authority (SRA) for law firms.
- Having worked closely with the Regulator, we understand the steps to take to ensure pre-emptive regulatory action is not taken to a firm's detriment. Keeping the Regulator informed, so as to avoid unpleasant surprises, and provide the requisite comfort that clients' interests are protected. Having been closely involved with the regulatory supervision of all the large firm financial collapses, we are uniquely placed with this inside track knowledge and experience.
- Genuine in depth experience - we have been heavily involved in the supervisory regulation of Cobbetts, Challinors, Manches, Linder Myers, & Davenport Lyons, as well as a significant number of law firms who are not in the public arena because their financial position recovered with our support and guidance.
- Explaining the outcome of an Intervention to both lenders and firms, in terms of impact on security, the statutory charge and the substantial intervention costs incurred, which the Regulator may seek to recover from partners. If it had been intervened, Cobbetts was costed out at £6m. The recent collapse of a two partner firm incurred intervention costs of £2m.
- Proactively managing a firm's relationship with their Regulator, including drafting compliance and contingency plans will help to avoid regulatory action. We can advise individual solicitors on their best route to preserve their practising certificates, including circumstances when an insolvency process may be envisaged.
- We have the expertise to support lenders, firms and partners in these circumstances, helping them to achieve the best possible outcome.
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