Solicitors Assistance Scheme: Help for struggling solicitors

solicitors assistance scheme

What is the Solicitors Assistance Scheme?

Similar to the Law Society Helpline, the Solicitors Assistance scheme offers free, confidential advice to solicitors in England and Wales, as well as their employees and families on a range of issues, including financial issues. The assistance provided by the scheme is given by qualified solicitors who can provide guidance and advise on professional and personal issues. The main areas of advice include:

  • Insolvency issues
  • Law firm closures
  • Practice management
  • Regulatory issues
  • Professional disciplinary, such as SRA investigations
  • Interventions
  • Negligence and complaints
  • Fraud and crime
  • Money laundering
  • Employment
  • Partnership

 Contact details for members of the scheme are available on their website, and each advisor’s advice areas are listed within their profiles. Some users of the service may choose to remain anonymous, however, there is an obligation for solicitors on the scheme to maintain confidentiality.

How can Recovery First help solicitors?

Recovery First can assist law firms facing financial distress, or those wishing to voluntarily close their firms. Dealing with financial issues can incredibly complex; so, it is vital that you seek advice as early as possible to ensure the best outcome is achieved.

We can help struggling law firms to exit less profitable areas of law and improve their cashflow by freeing value locked in WIP. We can also assist in the closure of a firm, as well as mergers, acquisitions, and law firm sales. We provide the best advice for your unique situation and will introduce your firm to a range of professional advisers so that you can obtain the legal advice, guidance, and support you need.

  • Exiting an unprofitable market – When faced with financial distress, some law firms make the strategic decision to exit certain markets to allow them to focus on more profitable areas of law. 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 –  Some solicitors may choose to voluntarily close their firms, and others may be forced to close due to insolvency or cash flow issues. If you are considering the closure of your firm, it is important to seek advice and assistance as early as possible to avoid a distressed situation. Your first step may be to contact the Solicitors Assistance Scheme 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 from start 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 at david.johnstone@recoveryfirst.co.uk, or telephone 07887796989 or contact Sally Dunscombe via email at sally.dunscombe@recoveryfirst.co.uk, or 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

Manchester Address

106 Kennedy Building

Murray Street

Manchester

M4 6HS

Registered Address: 

North Torfoot

Drumclog

Strathaven

ML10 6QG