Insolvency and restructuring in professional services

We support professional firms facing financial challenges as well as the wider additional pressures in the form of regulatory actions against partners or firms, including the risk of an Intervention by the Solicitors' Regulation Authority for law firms

We understand that any professional services firm typically has two key stakeholders that they have to keep on side: the Lender and the Regulator. We have the expertise to manage both these and other key stakeholders effectively, giving you the time and space to resolve your issues as efficiently as possible.

We understand the steps to take to ensure pre-emptive regulatory action is not taken to a firm's detriment – including drafting compliance and contingency plans to avoid regulatory action, keeping the regulator informed, so as to avoid unpleasant surprises and providing the requisite comfort that clients' interests are protected.

Having been closely involved with the regulatory supervision of a number of professional services firms facing insolvency, we are uniquely placed with the knowledge and experience to support. We can also advise on 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 regulators may seek to recover from partners.

As well as working with firms, we regularly advise other parties involved in the process – for example, lenders achieving the best available financial outcome, or individual partners concerned about issues such as personal bankruptcy. We can also advise individual solicitors on their best route to preserve their practising certificates, including circumstances when an insolvency process may be envisaged.

We have genuine in-depth experience, having 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.

Often, when a firm is facing financial challenges, the situation is not as bleak as it seems. We encourage you to tackle any issues as soon as possible because the earlier that you address a problem, the wider the range of solutions available to you. We have the expertise to support lenders, firms and partners - helping them to achieve the best possible outcome.