Helping directors for over 23 years.

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Law Sector

Every business with money problems is different, however there are particular issues that law firms face which are unique to the legal sector.

  • Obtaining PI cover cost effectively, indeed we know many firms struggle to pay for PII at all and borrow money to fund the premiums.
  • Changes in the law and the general marketplace.
  • The threat of automation and artificial intelligence. Is your firm one that will see more AI impact?
  • The need to downsize and cut employment costs but cannot afford redundancy packages.
  • Work in progress being used to fund the business with secured loans and depleting WIP to fund cashflow.
  • Changes in legal aid system.
  • Too much focus on “the practice of Law” and not enough billable hours or invoices!
  • Some partner’s ages and lack of succession planning, coupled with a lack of interest from junior management.
  • Risk of SRA intervention due to serious debt issues or poor compliance.
  • Plethora of legal advisors selling advice cheaply online, with no fixed overheads like property to pay for, thus undercutting your fees.

As turnaround experts and licensed insolvency practitioners, our specialists can help tackle these issues with you, to get your law firm or practice business back on track. We can go through all the available options, like expert assessment of the issues your company, partnership or LLP faces, help improve financial reporting, obtain HMRC Time to Pay deals, build powerful CVAs and look at the pre-pack administrations option. As experts in saving law firms we have a good rapport with the SRA and have always avoided any SRA intervention into our clients.

KSA Group is one of the very few insolvency specialists in the UK to have used the CVA method with more than 12 law firms put into a CVA, over the last 12 years. Indeed we wrote the first CVA for a law firm practising as a Limited Liability Partnership (LLP) back in 2014.  Recently (2023) we assisted a firm with fee income of £11m and over £5m of debts avoid formal insolvency completely. This involved hands on work to restructure costs and agree deals with creditors. Would your firm benefit from working with KSAs expert law firm turnaround advisors?

We have extensive experience with the SRA and finding new funding for law firms. Please contact our managing director, Keith Steven for an initial appraisal free of charge on 07974 086779.

Call us on 0800 9700539 for free expert advice and a confidential talk through your options. We can visit you onsite to discuss your specific situation. Obviously as a regulated firm of insolvency practitioners, we can provide advice free of charge on ALL of your options,  only after we have run the usual anti money laundering and KYC checks.

 

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