Top Law firms considered “financially unstable”
Research released yesterday by the Solicitors Regulation Authority (SRA) has revealed that thirty out of the top two hundred law firms in England and Wales are considered to be financially unstable. Contrary to the confidence they normally attract in clients or at least seem to portray to the public, the SRA has put in place immediate supervision for all 30 of these law firms which have not yet been named. 160 law firms are now known to be in what is known as “intensive engagement” with the SRA, with eight considered to be at “immediate risk” of collapse. This shocking revelation comes at a time when solicitors are campaigning to limit probate activities solely to law firms. An opinion which has always been contested by professional probate practitioners such as IWC and one which it appears, will do little to serve the purpose of regulation.