Thinking about retirement? Preparation is key When the time comes to ‘hang up our boots’ and retire, a sole practitioner will usually consider the sale, merger, or closure of the firm. Whichever route is taken, there are a few key things to consider: Planning: Preparation is key to ensure a smooth transition. The process may take 2-3 years but an early discussion with R&R Solutions about your options will provide all the information to make the right decision to realise best value - from WIP, brand and other assets, to managing employees through the process and deciding on an end date. Professional indemnity: You may be required to put in place 6 years run-off cover for any claims made following closure or by a purchaser. This may not be required in other scenarios, so all options should be thoroughly explored as it is expensive cover.
Clients: Good communication with your clients is essential to reassure them of what they can expect in the transfer process and beyond. Client care is essential so you don’t leave them feeling abandoned and deciding to take their case elsewhere. SRA: Taking advice from a compliance professional will pay dividends. The SRA are primarily interested in ensuring that clients are looked after, but there are regulatory requirements that need to be met too. The R&R Solutions model can be used to assist in the retirement process; whether you decide to close, merge, or sell your firm, we can help. Our model is predicated on the fact that no two firms are the same and consequently is very flexible so that it can be tailored to meet your own specific needs, whilst ensuring SRA compliance.
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Our team manage the transfer of files from start to finish, placing case files with an approved law firm to protect the integrity of the client’s case. Your clients not only get a seamless transfer, but they will also be matched with a firm who specialise in their particular type of matter. Our services are suitable for all types of legal work, using a simple, ongoing process with no up-front costs. We guarantee 100% confidentiality for all clients. If you would like to find out more about R&R Solution’s process, feel free to get in touch today: contact David Johnstone (david.johnstone@r-rsolutions.co.uk), telephone 07887 796989 or Sally Dunscombe (sally.dunscombe@r-rsolutions.co.uk), telephone 07774 205 870 or visit our website www.r-rsolutions.co.uk
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