Training courses would do much to help practitioners survive the credit crunch

James Dean’s report entitled ‘Law firms yet to feel credit crunch’ (see [2008] Gazette, 12 June, 5) contains the comforting news that half of law firms have not yet been affected by the credit crunch. We are obviously acting for the unlucky other half.

Our experience is that firms are already closing, finding it increasingly difficult to make ends meet, and claims are being issued against partners, with salaried partners caught up in the crossfire.

A pro-active regulator adds to the range of issues confronting solicitors.

The representational Law Society has an important role to play in this economic climate. Much greater support is needed for the excellent work of the Solicitors Assistance Scheme, LawCare and the Solicitors Benevolent Association, all of whom can help prevent crises becoming disasters.

Neil Wright’s suggestion (see [2008] Gazette, 17 June, 12) of a fund to support solicitors facing regulatory issues is well made. The Law Society could serve the profession well by establishing such a fund. The defence fund would make a difference in those cases where the legal expenses insurance element of the private indemnity insurance does not come into play. However, much more effort is needed by the Law Society in prevention. Training courses would be a start – for those about to enter into partnership, and on new areas in which to make a living. These steps would do much to ensure more solicitors survive the credit crunch.