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Solicitors Community news

The latest news and articles for Solicitors Community members.

The impact for law firms of rising interest rates

Few of us can escape the cost-of-living crisis which is having an impact on almost all areas from fuel to basic shopping prices. The climb in inflation, which is at a 30 year high, will affect business as well as us individually. Under monetary policy, the Bank of England has adopted regular incremental increases in interest rates, which at the time of writing sit at 1.75%. Such rises may be passed on to all businesses that are borrowing, including law firms, but there is also the issue of legal practices accounting for interest under Rule 7 of the SRA Solicitors Accounts Rules.

Cash is reality when it comes to law firm success

Managing cashflow in this new financial reality.

What is all the fuss about cash and lock up in law firms?

Law firms have reported strong financial performance over the last 12-18 months in respect of both revenue and profits. Further challenges posed by Brexit aside, the sector is well placed to keep up this momentum in the medium term.

2021 Solicitors Community Conference

The ICAEW Solicitors Community held its second Virtual Solicitors Conference on 14 September 2021. The theme of the conference was “Paving the way – moving forward from the last 18 months”, and we were delighted to welcome a tremendous line up of expert speakers from across the legal sector.

How will the economic crime levy affect your firm?

What you need to know.

Interim SRA Accounts Rules reviews – why leave it all to after the end year?

Hardly has the ‘ink dried’ on the year-end report than we start thinking about and planning for the current year.

Banking Services – The Law Firm FD’s and Their Advisors’ Opportunities

Law Firms may well be missing opportunities with their routine banking processes and could be slicker and make more money by looking at what is now available.

Are your client bank account reconciliations fully compliant?

In this article we provide a guide into the client funds reconciliation process to assist practices and their finance teams.

Update on Compliance

In a previous article, Robert Blech discussed the issue of negative interest rates, and the effect that this may have on law firms, who have questioned the impact passing on such charges would have from a regulatory perspective.

Coronavirus impact on the legal sector (one year, and a bit, later)

The coronavirus pandemic was a shock to most sectors, and law firms were no different.

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