Wondering what the best structure is for your Law firm or are you looking for guidance on setting up? Try one of these handy guides…
Setting up a new firm – a helpful guide to download from Miller insurance. They also have a PI insurance form, helpfully tailored to new start-ups.
Setting up your firm– the up-dated version of my guide produced with Lexis Nexis
Continuity Planning – my guide produced by Lexis Nexis. It isn’t nice to consider what happens if… However, this has information on Special Executors in your Will, appointing an Attorney to deal with your firm and a pro-forma that you can tailor to your own firm for planning for risks such as floods and other disasters.
Death of a Sole Practitioner – if a sole practitioner has died, temporary emergency authorisation from the SRA is required. The SRA need to be notified within 7 days and the application made on form FA7 with 28 days of the date of death. SRA guidance is here – http://www.sra.org.uk/solicitors/firm-based-authorisation/tea-sole-practitioner.page
How to structure your firm – considering whether you will be a sole trader/ sole practitioner or an LLP or a Company or ABS is an important decision and one to discuss with your accountant. I co-wrote a “Structural Integrity” article for Lexis Nexis with my accountant and PI insurance broker. It is a little out-of-date now, so I won’t link to it here, but can email you a copy or discuss it with you if you have any queries!
Compliance advice – Lexis Nexis have a very helpful series of articles and guidance – http://www.lexisnexis.co.uk/sites/en-uk/independent-law/compliance-and-pii.page
The Solicitors Benevolent Association – if you need help, they are there to assist
Running a Law Firm 