Scottish law firms at risk of insolvency

The fall in the value of the Pound and uncertainty over the vote to leave the European Union is exacerbating problems for nearly one-third of Scottish professional services businesses, including law firms, which are still considered to be at a heightened risk of insolvency, says a report by R3, the body for the insolvency industry.

Chairman of R3, Tim Cooper, said that whilst there has been a 2.1 per cent fall in the number of professional services firms in Scotland facing a higher than normal risk of insolvency, there is still a "high proportion" of firms facing risk of failure, with the “current climate” not helping to mitigate those concerns.

At Beavis Morgan, we work closely with solicitors and barristers, assisting sole practitioners, through to large London-based firms and chambers. Our services are tailored according to each specific requirement and objective, always seeking opportunities to enhance wealth accumulation and succession planning, and ultimately reduce the tax bill. Our partners are readily available and are committed to supporting fellow professionals.

Where there are concerns about your business or personal financial situation, our specialist insolvency, recovery and advisory partners at BM Advisory are also available to assist with resolving issues and finding innovative solutions for businesses and individuals in distress.

We are also regular contributors to Barrister Magazine and the Barrister Lifestyle Blog, providing expert commentary on topical issues relevant to barristers and the legal profession as a whole.

Contact Matthew Burge or your usual Beavis Morgan Partner for further information about how we can assist you and your business.