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PI Brief Update

Greater Clarity From SRA for Successor Practices Is Needed - Simon Gibson, SGI Legal

10/07/14. With law firms looking to find ways to create new revenue streams and remain on-side with LASPO, the Solicitors Regulation Authority (SRA) and Professional Indemnity Insurers need to issue proper guidance on when those buying work-in-progress will be considered a successor practice, making them potentially liable for any problems in the selling firm’s past.

At present, the current guidance is extremely vague. Where there is a continuation of trade of the previous firm, a successor practice situation will not arise. However, in the event of a cessation of trade, which is common in cases where the WIP sale has been forced by financial distress, it can arise...

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All information on this site was believed to be correct by the relevant authors at the time of writing. All content is for information purposes only and is not intended as legal advice. No liability is accepted by either the publisher or the author(s) for any errors or omissions (whether negligent or not) that it may contain. 

The opinions expressed in the articles are the authors' own, not those of Law Brief Publishing Ltd, and are not necessarily commensurate with general legal or medico-legal expert consensus of opinion and/or literature. Any medical content is not exhaustive but at a level for the non-medical reader to understand. 

Professional advice should always be obtained before applying any information to particular circumstances.

Excerpts from judgments and statutes are Crown copyright. Any Crown Copyright material is reproduced with the permission of the Controller of OPSI and the Queen’s Printer for Scotland under the Open Government Licence.