Financial management

This subtopic provides guidance on managing financial risk and is intended for law firms. It reflects the SRA Standards and Regulations 2019 and additional financial management requirements that apply to Lexcel accredited firms. It also provides guidance on common financial risk tools.

The duty to monitor financial stability and business viability

You must:

•
actively monitor your financial stability and business viability—once you are aware that you will cease to operate, you must effect the orderly wind-down of your activities
•
identify, monitor and manage all material risks to your business, including those which may arise from your connected practices

The SRA does not provide guidance about how you should achieve this.

Reporting to the SRA

You must notify

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