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A big issue for small firms

Succession and exit planning is key to maintaining a firm's viability pending sale and to avoiding regulatory fallout, advises Deborah Sullivan

21 June 2016

According to statistics from the Solicitors Regulation Authority (SRA), sole practitioners accounted for 26 per cent of solicitors' firms in April 2016. This article explores why retirement and succession planning should be high on their agenda by outlining some of the key regulatory obligations, risks, and professional indemnity insurance (PII) implications involved.

Operating against a backdrop of fierce competition for work, a number of sole practitioners are positioning themselves to pass on their business to new owners; others simply want to retire. Succession and exit planning is key to maintaining a firm's viability pending sale and to avoiding regulatory fallout.

What if you are not planning to sell up or retire any time soon? Unexpected events also intervene to close practices. While by no means unique to small firms, possible emergencies affecting key individuals, such as disc...

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