Sponsored by: Lawrence Business Finance
Finance
Cyber-attacks remain a ‘serious risk’ for law firms
The majority of law firms are likely to be at serious risk of cyber- attack, according to a new report from national audit, tax, advisory and risk firm Crowe. New research produced by
Crowe, in conjunction with KYND and the University of Portsmouth’s Centre for Counter Fraud Studies, has uncovered the extent to which the top 200 UK law firms across the country have significant unaddressed cyber risks. The research follows Crowe’s
2019 ‘Law Firm Benchmarking’ report, in which nearly half (43 per cent) of all participants rated fraud and cybercrime as a business risk critical to their firm. Given that the firms analysed are
likely to have substantial budgets to build cyber resilience, the findings will also make worrying reading for the other 10,000 UK law firms which may not have the same resources. The report found that 182 of the
200 firms analysed are exposed to having their email addresses spoofed and used to send spam, phishing or otherwise fraudulent emails, resulting in exposure to malware and ransomware, as well as the phishing of clients and employees.
“Many West Midlands law firms
may lack the scale and resources of bigger firms and are encouraged to seek specialist help to evaluate and reduce their vulnerabilities. “While many have invested significant resources into countering threats of money laundering and scamming, they may, at the same time, have left the door open to cyber-attacks”. Jim Gee, head of forensics and
Ross Prince: Law firms under threat Twenty one per cent of firms
analysed in this research were found to have at least one service using software which was out of date or no longer supported by the developer. Ross Prince, professional services
partner in Crowe’s Midlands office, said: “Our report shows that 91 per cent of the UK’s top 200 law firms are at risk, so it is reasonable to assume this risk is likely to be far greater among small to medium sized firms.
counter fraud services at Crowe, said: “It is clear is that there is an epidemic of fraud and cybercrime in the UK, and this research proves that law firms are, perhaps surprisingly, still seriously exposed. “For an industry that is so closely
associated with diligence and detail, the results are likely to come as a shock. “Firms would do well to review
their resilience. Cyber criminals need only a sliver of vulnerability to fraudulently gain access to valuable and sensitive data – are the UK’s law firms leaving the door open? “The cyber landscape is
becoming increasingly complex and keeping pace with the evolution of cyber threats is becoming ever- more challenging.”
Bracebridge advises on sale
Bracebridge Corporate Finance has advised on the sale of Key Stage Teacher Supply, a North West-based education recruitment agency, to Operam Education Group. Operam is a specialist provider
of qualified and support staff to schools across the Midlands and North of England. The transaction follows the
acquisitions of Teachers UK and The Education Specialists and further strengthens Operam’s presence in key regional markets as it looks to establish itself as a leading independent education recruitment agency in the north. Jane Scott, managing director
of Key Stage Teacher Supply, will be remaining with the business, and said: “This is such an exciting time for Key Stage, our staff, our clients and our candidates. “There is an excellent cultural
Deal done: Andy Moore (left) and Conor Murray
fit between the two businesses and we look forward to continuing to provide a first class service to our schools.”
Operam chief executive Eddie
Austin said: “This is a very exciting time for Operam as we welcome another business into our rapidly growing group. “Key Stage Teacher Supply is a
real industry specialist, with an excellent track record and reputation in the North West. Its footprint in the region will further build on our vision of creating a ‘Northern Powerhouse’ in education recruitment. Andy Moore and Conor Murray
from Birmingham-based Bracebridge advised the shareholders of Key Stage Teacher Supply on their strategic options. Bracebridge advises business
owners, corporates and private equity firms on company sales, acquisitions and capital raising. Managing director Andy Moore
said: “We move into 2020 with a very healthy pipeline of transactions and expect to see a pick-up in M&A activity as we hopefully start to see more political stability around Brexit.”
Borrowing money? - Be prepared!
By Matthew Lawrence, of Lawrence Business Finance
Debt shouldn’t be taken on lightly. If you’re planning to borrow, think it through carefully and be mindful of these FIVE key steps before applying:
1. Assess the reason why you need finance
Is it assets, people or operating costs? Be clear, this dictates the type of debt you need and where to find it. Also, without a clear investment plan money will just evaporate.
2. Decide on the loan amount A plan and simple financial forecast will identify how much you need and explain that need to lenders. Include a contingency unless it’s a specific asset.
3. Choose the right type of debt & check if grants are available
There are many lenders offering different products for different purposes. Talking to an expert will help decide what suits and can identify if grant funding is available.
4. Consider what security the business or you can offer
As a rule, if you can provide asset security, debt will be cheaper and more certain, but not as quick.
5. Collate all the necessary documents
Create a pack - financial statements, business plan, application form etc to make it easy for your lender/broker. The more quality information you can provide, the more lenders will be interested, and if you want a large loan you do need to tell a full story. It will yield better results.
For advice, contact Matthew on 077770 683774, email matthew@lawrencebusinessfi
nance.co.uk or visit
www.lawrencebusinessfinance.
co.uk
February 2020 CHAMBERLINK 85
Sector Focus
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104
