Law firms should notify regulator of financial trouble, says KPMG

Solicitors should be duty-bound to notify their regulator of financial difficulties before they go insolvent, KPMG has recommended.

The Big Four firm is currently working with the Solicitors Regulation Authority to see how the financial stability of Solicitor firms affect the public interest, according to lawgazette.co.uk. Currently firms only have to notify the SRA when they become insolvent.

KPMG’s report also recommended a new core duty on financial management as part of the solicitors’ rules