All practice managers will inevitably decide that at some point they wish to leave their practice. There are many possible reasons – most commonly retirement, but it could also be no longer wishing to practise in that business model, market pressures, illness or there may be money concerns affecting the business. Whatever the reason, it is in everyone’s interest that there is an orderly exit with no loose ends.

Your first consideration is what is the best strategy for your practice. The options are essentially – succession, selling, merging or closing. The second consideration is how much time do you need to put your strategy in place. The best strategies are measured in years not months and weeks. Obviously if the business is under pressure then there may not be the luxury of time to develop and execute a measured exit strategy.

If you are selling, merging or closing – regardless of whether it’s a strategic decision or it’s been forced upon you - when it comes to your final transfer of the practice, specific arrangements need to be made to ensure that everything is accounted for and the interests of your clients are safeguarded.

In this form we want to know what arrangements you have made for -

  • client funds
  • your current files
  • titles, wills and other deeds
  • archive files
  • data protection of files you might retain
  • designation of a client relations manager

For more information

See guidance relating to Rule D4

You can find further information about ceasing your practice in the Rules, Guidance Advice and Information section of website

It covers -

  • Transferring the ongoing business
  • Collection of fees and outlays
  • Remaining files
  • Professional indemnity insurance and run off
  • Accounting regulations
  • Investment business
  • Correspondence
  • Who to notify

 Who to contact at the Society

Contact  in the first instance

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Whether selling, merging or closing, we know that ceasing a practice can be stressful