Lamport Bassitt Solicitors - Legal News - Banks 'may become reluctant to let law firms borrow'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Banks 'may become reluctant to let law firms borrow' A lack of capital and high property costs could hamper law firms' ability to stay afloat, it has been suggested. The Law Society Gazette gauged the opinion of Nick Carter-Pegg, head of professional services at BDO, who hinted that a repeat of something akin to the collapse of Halliwells may soon be on the cards. He was quoted by the publication as stating: "I would not be surprised if there are not one or two other firms that are looking at what happened to Halliwells and are concerned over their own situation." Mr Carter-Pegg added that while banks were previously ready to lend money to this sector because of law firms' financial reliability, they may have "a different attitude now". Meanwhile, the Law Society has launched a professional indemnity insurance helpline in order to guide solicitors through the renewals period. It previously helped 1,600 individuals as part of its 2009 helpline. Posted by James Walsh Related Articles: 11/5/2012 - Queen's Speech legal reforms welcomed 17/4/2012 - Further regulation to encourage family mediation: justice minster 2/4/2012 - Fuel tanker driver dispute talks scheduled for Wednesday 23/3/2012 - Landowners urged to take more responsibility for falling trees 22/3/2012 - Justice reforms move a step closer More Dispute Resolution News