The Solicitors Regulation Authority’s (SRA) website now contains comprehensive advice and support to help firms maintain financial stability.
They have created a special section of the site to support solicitors’ in maintaining good financial management.
The move comes in the wake of a handful of recent high-profile failures at large firms.
The web pages support the Code of Conduct, which says solicitors must run their business or carry out their role in the business effectively and in accordance with proper governance and sound financial and risk management principles.
There are also examples of what constitutes good and bad behaviour in terms of financial management and contact details for advice and support.
The guidance, which has been added as a resource for Chapter 7 of the Handbook, can be found here.