SRA: Sudden spike in number of law firms facing financial difficulties

There has been a sudden spike in the number of law firms reporting to the Solicitors Regulation Authority (SRA) that they are facing financial problems, citing the need to repay Covid supports and deferred tax bills as some of the primary drivers. Sean Hankin, the SRA’s head of forensic investigation and intelligence, shared that the problem is not confined to smaller firms, with some “very large firms” having reported difficulties.

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