Jonathan Dudley, managing partner of the Midlands region of accountancy firm Crowe Clark Whitehill, is quoted in the Birmingham Post as saying: 'In an environment where well known, substantial law firms are known to be in financial difficulty, it will be increasingly difficult for law firms to fund their practices from external sources. Never has it been more important to manage work in progress, debtors and cash in law firms. It is vital to…maintain a healthy dialogue with your bank.'
Regulator's concerns
The Solicitors Benchmarking Survey says that the regulator, the Solicitors Regulatory Authority, is beginning to see the possibility of financial difficulties in law firms as being as serious a concern as fraud and misuse of client funds. Most firms are seeing only small to modest growth.
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