I am a very worried solicitor. Our legal practice is under growing pressure from all sides. How can you help us solve these problems, restructure and survive?
- HMRC for tax payments after failed time to pay deals?
- Has the tax man threatened winding up petitions or bankruptcy petitions?
- Cashflow pressures mounting?
- Bank reducing advances or covenants being breached?
- Work in progress rising and debtors not paying?
- Worried about personal risk or guarantees?
- Market changes ahead - is the LSA a threat?
- Solicitors Regulation Authority? Is the risk of intervention mounting?
As the author and strategists behind the first company voluntary arrangement (CVA) for a LLP law firm in 2008, we know a thing or two about fixing these problems, setting out a recovery plan and driving the business forward. We are currently advising 5 law firms on how to restructure for survival.
Remember, you are in business to make money, not running a practice as a hobby. Those who fall into the latter category should click away now! This page and our guides are dedicated to helping you move forward and removing pressure. With the LSA driving huge changes in your marketplace are you and your colleagues prepared to meet the challenges of turnaround AND the changes ahead?
We will help you distill all of these problems and the options available into a recovery plan. It will set out the preferred non insolvency route and a one or two pronged back up approach.
It is advisable to take the personal emotional worries out of this process and look at the options carefully and fully. Our restructuring and corporate recovery experts will help you each step of the way.
First of all what is your trading style?