Law firms facing a harsher future

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Insolvency practitioners are warning that more than 100 Yorkshire law firms could be at risk of failure over the next 12 months.

Gareth Self, an insolvency practitioner with Sheffield-based corporate and debt recovery specialist, the P&A Group of Companies, and a member of the Yorkshire committee of the corporate recovery professionals organisation, R3, says smaller high street firms are particularly at risk.

“This time of year is known to put real cash flow pressure on firms and more often than not we see a spike in banks being asked to fund taxation liabilities,” says Mr Self.

“The legal services sector is a very crowded market and so firms that are not competitive are unlikely to thrive. Law firms are operating in a challenging environment and the marketplace seems to be getting tougher and tougher.”

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