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Risky law firms 'often' dominated by one individual
A dominant individual is 'often' the main reason a law firm has financial problems, according to one of the world's leading legal regulators.
One dominant personality Bikeriderlondon
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The UK-based Solicitors Regulatory Authority (SRA) has just published a paper analysing the problems in the firms it is investigating, according to Legal Futures. Common problems and symptoms include, it says, the misleading of funders, poor financial and risk management, overstating the value of its work in progress and breaking the financial regulations. The paper goes on to say: 'One individual is often the main problem – over dominant senior partners or sometimes chief executives cause both strategic failure by the firm but also a refusal to accept how serious the situation in the firm has become. This can also arise because of an ineffective financial director.'
