SRA seeks early engagement with firms in financial trouble
The Solicitors Regulation Authority (SRA) is to take a more active interest in the finances of leading law firms, after writing to the UK's biggest 50 law firms requesting that they engage with the regulator early if their finances deteriorate. The SRA's executive director of regulation Samantha Barrass sent out the letter late last year. Barrass said the regulator wanted to see if there was any truth in a Gazette report stating that five top 30 firms were in "intensive care" with banks and to remind firms that its new approach to regulation means law firms are required to notify the SRA promptly about material developments such as serious financial difficulty.
Regulator contacts UK top 50 law firms in the wake of report that five firms are in ‘intensive care’
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