What should legal firms be considering post-lockdown?

As we hopefully move towards the final easing of restrictions, many of us may be using this time to reflect on the last 15 months, whether this be on a personal or business level.

The business world in which we operate has certainly developed more in this period than we would ever have expected, with an increase in the number of issues to consider, and the time expected to make decisions rapidly reduced.

The professional practices sector has certainly had its share of the above, especially with the introduction of the new SRA rules. However, two key matters senior management may wish to consider currently are: • Professional indemnity insurance • Succession planning

Whilst these two topics are not new, their importance and priority has significantly changed in the last 15 months.

The professional indemnity insurance market has hardened in this period, with insurers focusing on four key areas: • Expertise and specialisms • Experience • Claims history • Risk strategy

Given the difficulties encountered during the latest round of renewals, it’s vital that legal firms start to review internal policies and procedures in relation to the above as soon as possible to make sure that the next renewal is as smooth and efficient as possible.

Succession planning has always been vitally important; however, this may have moved up the agenda purely due to the relentless nature of the past 15 months or potential increases in Capital Gains Tax making an exit more costly in the future.

Whether this is high up the agenda or still on the radar, the earlier exit options and plans are assessed, the better the chances of a successful outcome. As such, it’s vital to determine that the current business structure is right to facilitate future plans.

Please get in touch with our Legal team if you would like to discuss anything. You can find contact details on the Our People section of our website larking-

gowen.co.uk

Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk.

John Atkins

Partner, Larking Gowen

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Peter M Swann FAE FFS MCSFS

Independent Consultant to the Legal Profession Established 1987

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The Consultant now provides a full independent fingerprint service to the legal profession, industry and other agencies.

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