Law Society helpine for solicitors: Getting help for financial difficulties

Law society helpline for solicitors

It is no secret that the legal profession has gone through some turbulent times recently, and many solicitors in England and Wales have faced financial difficulties due to reforms, the pandemic, and the oncoming recession. Many legal practices have found themselves in very troublesome financial situations, and some may be required to close their practices for good due to insolvency.

Before getting to the point of financial insolvency, most professionals will seek help to find a way out of their financial distress. If you have found yourself in a situation where you are worrying about the future of your firm due to financial strain, there are organisations you can turn to for free confidential advice and support, and the Law Society helpline for solicitors is one of these organisations.

What is the Law Society Helpline for Solicitors?

The Law Society is a professional body that offers advice and assistance to legal professionals, as well as members of the public. The Law Society has a number of helplines that offer free, confidential support to solicitors and their employees for both personal and professional issues, including financial issues, anti-money laundering and complaints. The do not offer legal advice; however, they can provide guidance based on the information provided by the caller.

The Law Society Practice Advice Service offers guidance and support for solicitors on a range of topics which include:

  • Compliance
  • Professional indemnity insurance
  • Litigation
  • Conveyancing
  • Private client
  • Solicitors costs

 You can get in touch with the Practice Advice Helpline on 020 7320 5675, from 9am to 5pm, Monday to Friday. This helpline may be able to provide some advice on financial issues, or they may be able to provide guidance on closing your firm and avoiding any compliance issues in the process.

The Law Society also offer a range of alternative support services who may be able to assist you through times of financial hardship and the impacts it may have on your emotional wellbeing. These include the LawCare Helpline, the Solicitor’s Charity and the Solicitor’s Assistance Scheme.

How can Recovery First help solicitors facing financial distress?

Recovery First can assist law firms in times of financial uncertainty in a number of ways. Dealing with financial difficulties can be a complex issue; so, facing these issues as early as possible, and seeking the right help is key to ensuring the best solution is achieved.

We can help you to exit an unprofitable area and improve cashflow by freeing value locked in your WIP. We can also assist in mergers, acquisitions, sales and closures of law firms, providing advice and introducing your firm to the best professional advisers for your situation along the way.

  • Exiting an unprofitable market – When faced with financial distress, some law firms make the strategic decision to exit specific practice areas to allow them to focus on more profitable markets. With the help of Recovery First, you can ensure a smooth, compliant exit from any market, placing files with the most suitably qualified firms from our panel of solicitors.
  • Freeing up value locked in your WIP – If you decide to exit an unprofitable or less profitable market, you will be required to transfer your existing files to an alternative firm of solicitors. Using the Recovery First method will ensure you recover the maximum value locked in your work in progress, helping to improve your firm’s cashflow.
  • Mergers, acquisitions, and sales – The number of mergers, acquisitions, and takeovers of firms in recent years has increased substantially. In some circumstances, the merging, acquiring or buying firm may not wish to continue in a specific legal market. If this is the case, Recovery First can assist firms in leaving an unsuitable market and placing files with a suitable firm on our panel.
  • Closure of a law firm – Unfortunately, some firms do not survive financial distress and are required to close their firms due to insolvency or cash flow issues. If you are considering the closure of your firm, it is important that you seek advice and assistance as early as possible to avoid a distressed situation. Your first step may be to contact the Law Society helpline for solicitors who will be able to provide some guidance on closing your firm compliantly. It would also be helpful for you to speak to the team at Recovery First who can provide you with information and assistance on the best steps moving forwards. We can assist by introducing the firm to appropriate experts, with a proven track record of working with law firms. If appropriate, we will work closely with the insolvency team to complete a structured and compliant run-off of files. We will aim to recover 100% of the firm’s recoverable WIP by distributing the files to our specialist panel of solicitors. Anecdotally, recovery on some projects has e has exceeded 100% of the recorded WIP value.

The unique scheme offered by Recovery First is suitable for law firms and professional advisors, including restructuring and insolvency solicitors, insolvency practitioners and accountants. Our team manage the process fromstart to finish, from placing case files with an appropriately qualified approved law firm so as to protect the integrity of the client’s case through to collection and management of costs at conclusion.

We will provide you with all the advice and support you need, and we guarantee 100% confidentiality for all clients. If you would like to find out more about Recovery First’s process, feel free to get in touch today with David Johnstone via email (david.johnstone@recoveryfirst.co.uk), telephone 07887796989 or contact Sally Dunscombe at sally.dunscombe@recoveryfirst.co.uk, telephone 07774205870.

It's never too late to speak to Recovery First. Contact us now in the strictest confidence

Sally Dunscombe:

sally.dunscombe@recoveryfirst.co.uk

David Johnstone:

david.johnstone@recoveryfirst.co.uk

Telephone:

01357 440140

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106 Kennedy Building

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Manchester

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