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Who really believes that the cheque is in the post?

Failing to pay your debts when they are due may get you into regulatory difficulties, says John Gould

20 August 2014

The contrast between those that have and those that have not has never been greater in the legal profession. If you’re a solicitor or barrister earning £1.5m annually, paying your debts shouldn’t be a problem. However, for many lawyers money is tight.

Solicitors are, of course, expected to maintain systems
to monitor financial stability
and keep the SRA informed of financial difficulties under the terms of the code of conduct 2011. But even assuming compliance with those obligations, a greater risk
of serious misconduct arises
when a lawyer or a firm get
into financial difficulties.

It is not misconduct simply to be unable to pay a debt even if it is a judgment debt. Something more culpable is required than just running out of money.
While bankruptcy, liquidation

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