When it comes to the closure of a law firm, there are numerous risks to consider, in particular: failure to meet regulatory requirements leading to disciplinary action; claims for loss of documents, breach of confidentiality or negligence; and complaints of poor service to the Legal Ombudsman. All of these are likely to be costly and time-consuming to deal with and may affect your ability to practise in the future.
Regulatory breaches can lead to fines and/or restrictions on your ability to practice and in very serious cases striking off. The SRA will not authorise a new firm if it has concerns about the individuals involved.
We work with law firms and insurers to address the risks associated with
- the orderly transfer of live files – identifying suitable firms to take the files over, dealing with terms of agreement with the recipient firms and client consent issues
- storage of closed files – essential for defending possible future claims
- storage of wills, deeds and documents
- the risk of continuing to practice after closure
- proper stewardship of client funds