Is an Employee Ownership Trust right for your law firm?

Succession planning remains one of the most critical decisions for owners of law firms, particularly those seeking to preserve their firm’s legacy, values, and workforce. As traditional exit routes face increasing tax burdens and external sale risks, Employee Ownership Trusts (EOTs) have emerged as a compelling alternative—offering a blend of financial efficiency, cultural continuity, and long-term stability.

How can professional firms leverage client relationships to drive revenue growth?

Professional firms are fortunate in that they tend to have a bank of clients where, due to nature of the work undertaken, they’ve built a strong relationship. Assuming that all clients ‘belong’ to the firm rather any one individual fee-earner, then the possibilities for cross-selling and expanding services offers can be considerable.

Growing cyber security risks facing the Legal Sector

Recent data reveals the UK’s legal sector experienced 2,284 cyber breaches in the 12 months to September 2024 – a 39% rise from 1,633 in the same period the previous year. With law firms handling vast amounts of sensitive client information, including financial records, intellectual property, and confidential case details, this makes them a prime target for cybercriminals seeking financial gain or competitive advantage.

New guidance on law firm obligations to protect client money should a bank collapse

Earlier this year, The Law Society published a Practice Note on protection for client accounts. This is relevant for all solicitors who deal with client funds. Here, Huw Nicholls, Audit and Assurance Director, looks in depth at the new guidance, re-emphasising the SRA Accounts Rules and the requirements law firms are expected to meet. 

Navigating and mitigating the financial risks for leaders of smaller UK law firms

Cash flow problems, financial difficulties, and business exit strategies are significant concerns for leaders of smaller law firms. This guide provides essential information and advice on navigating these challenges. Understanding the risks and knowing your options can help mitigate personal liability and ensure the best outcome for your firm, clients, and career.

Improving recruitment and retention of the best talent in legal firms

In the last five years, we have seen a significant shift in the ability of legal firms to recruit the best candidates. This article looks at how law firms are challenged by competition, generational changes and how candidates may be influenced by a firm’s ownership, as well as outlining steps that can be taken to improve recruitment and retention.