Following the introduction of the SRA Standards and Regulations in 2019, solicitors have a range of options that they can consider when assessing the best way for them to practice. However, if you decide that you wish to become an entity authorised by an approved legal services regulator, we have significant experience of assisting firm authorisation applications to the SRA and the CLC. This includes new firm starts, change of entity, alternative business structure applications and merger and acquisition projects.
Managing the authorisation project from start to finish, we can prepare your application and liaise with the regulator in order to achieve a successful outcome. Our assistance will include the completion of all relevant application forms, assistance with obtaining an offer of professional indemnity insurance, appropriate training to demonstrate that the key role holders are aware of their obligations, assistance with the preparation of cashflow forecasts, management structure, calculation of the regulator’s fees for authorisation, liaison with the SRA’s Authorisation team throughout the process and provision of any further documentation requested by the Authorisation Officer as part of the assessment process.
Once authorised, we can provide you with ongoing support on a retainer basis or provide you with a set of compliance documents to demonstrate compliance for when you commence trading.
A new firm authorisation application is not always a complicated process depending on the circumstances of the proposed structure and predicted turnover. Always make sure to take some advance guidance from more than one service provider with regard to the process and the likely fees as there may be other more cost-effective options to prepare a credible application to the regulator.
We understand that as a new start-up the initial financing of the firm can be tight. We have payment arrangements that mean that you can instruct us to help you set the firm up, safe in the knowledge that our payment terms can be staggered to reflect your cashflow forecast. We can bring our previous experience of setting new firms up and invest time in you to support you to be a compliant and successful business.