My firm, Trump & Partners, recently wrote to 130 clients, inviting them to a seminar on long term care.

Fifty accepted and several asked to bring friends and colleagues.

Any doubt as to the value of offering financial advice alongside legal advice seems to me to be dispelled by this response.

Our clients welcome their solicitors providing financial advice.

It is too early to report how much business will result, but we are confident that the exercise will prove profitable.Traditionally, solicitors were 'men of affairs': clients looked to them not only for legal advice but general advice for business and family affairs.

Over the years, and increasingly, our areas of work have diminished.

In competition with other providers of advice, all too often lawyers are the losers.Giving financial advice is an area where we can expand our practices.

But while the position is changing -- trainees must now learn about investment advice -- most practising solicitors do not have the necessary expertise.

Many pass the opportunity for giving financial advice, and making a profit, to a friendly broker in return for the occasional client requiring cheap conveyancing.At Trump and Partners in 1990 we had no solicitor with any formal knowledge of financial advice, but we recognised the value of introducing the service for our clients.

Solicitors Financial Services provided the ideal route.

Over the years we have developed a good relationship with SFS.We work very much together, the Sedgwick consultant [permitted third party] providing the financial expertise and Trump & Partners the reassurance and communication link where it is required.As the partner responsible for financial services, I have built up a reasonable basic knowledge of the principles of financial advice; I could be tempted to study a little more, qualify and take over.

All the commission would then be received by Trump & Partners and theoretically the firm and its clients would benefit.But I am not so tempted.

I have developed a healthy respect for the service offered by Sedgwicks.

Of course it is not always perfect, but the depth of knowledge of the individual consultants is impressive, as is the back-up provided by research and specialist departments, and I know my clients will not be sold products which they do not need.We could have employed an experienced person from the financial services sector.

This is, however, an expensive gamble.

That person has to win the trust of all the partners and fee-earners since cross-referrals within the firm are much the best source of work.

It has been difficult for me over the years to raise and maintain awareness amongst my colleagues; a newcomer would find it doubly difficult.How would we, as lawyers, monitor the performance of our new employee from a different discipline? We could compare the income with the expenditure, but could we be sure that the standard of service was as good as we would wish?The arrangement which we have through SFS suits Trump & Partners very well.