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Support for law firms

The legal profession is having to get to grips with its own ‘Big Bang' as it sees the introduction of Outcomes-Focused Regulation (OFR), Alternative Business Structures (ABSs), the Jackson reforms and the impending ban on referral fees, to say nothing of the wider economic uncertainties and the relentless upward pressure on professional indemnity premiums.

Managing partners of law firms up and down the country (particularly those specialising in personal injury work) are having to take urgent strategic decisions to protect work sources, maintain profitability and position their firms to take advantage of the emerging market opportunities. O'Connors LLP is ideally positioned to assist managing partners with these key decisions because:

• We have a uniquely experienced law firm advisory team. This is led by partner Mark O'Connor who alone has 30 years of experience of advising professional partnerships on business strategy. Mark also brings practical experience from having been managing partner of a full service law firm (DWF LLP) and a specialist law firm (O'Connors LLP) including hands-on experience of law firm mergers, partnership re-structures and operational issues.
• Being a specialist firm, we do not compete directly with most law firms which adds further assurance to the strict confidentiality that exists between client and solicitor in relation to commercially sensitive information.
• Our team includes highly experienced regulatory lawyers with specialist knowledge of providing legally-privileged advice to law firms (both large and small, locally and nationally) on SRA compliance matters.

Areas where we can add significant value include:

• Business strategy and management tactics.
• Company, LLP and partnership structures.
• Alternative Business Structures (ABSs).
• Relationships with work referrers.
• Raising finance.
• Mergers, acquisitions and disposals (including MBOs).
• SRA regulatory advice.
• FSA regulatory advice.
• Third party litigation funding arrangements.
• ATE and other insurance arrangements.
• Insurance captives (both firm and client risks).
• Separate business arrangements.
• New marketing initiatives.

"We used O'Connors, on the recommendation of our accountants, to handle the conversion of our traditional partnership into an LLP. The service was terrific. They have clearly handled this type of work before and showed a remarkable awareness of what was required. They put our minds at rest from the start of the tricky process and throughout demonstrated high levels of acumen and understanding. Their client care was a model for all firms in my view and we have adapted our own client care procedures as a result of exposure to theirs!" Managing Partner, Major Regional Law Firm.

Please call Nigel Wallis on 0151 906 1000 or email us via the link below.