Financial and accounting problems

Financial and accounting problems

The nature of a lawyers’ practice is such that, not only are they likely, at times, to need to deal with large sums on behalf of clients but also their own practices can themselves be complex, both in terms of the structures through which they practice and the financial arrangements they need to make.

Any firm, whatever its size, can face financial problems – as can any business. How they deal with those problems can be the difference between involvement or lack of involvement of the Solicitors Regulation Authority.

Financial and accounting problems may take many many forms including:

  • inability to pay bills,
  • problems with wages and employees,
  • tax problems,
  • VAT problems,
  • issues involving professional indemnity insurance,
  • unapplied balances on client account,
  • accounting shortfalls,
  • problems with disbursements, and
  • qualified accountants reports

to name but a few.

In addition, firms may have problems with the appointment or role of the Compliance Officer for Finance and Administration (COFA) within their practice, including issues as to when and what to report, access to necessary information, monitoring, managing financial risk and what constitute material and non-material breaches.

Contact us

Whatever the issue, the Lawyers Defence Group can assist.

For further information, contact us by:

  • telephoning during office hours – 0845 216 2000,
  • requesting a call-back using the call-back request form to the right,
  • telephoning our out of hours number (but please only in an emergency – for example when someone has been arrested or you believe that your firm might be about to be intervened in) 07952 861 868,
  • emailing us at help@lawyersdefencegroup.org.uk, or
  • writing to us at one of the addresses at the bottom of this web page.