Wesleyan approved by Society as small firm financial adviser

Specialist financial services provider Wesleyan has been appointed by the Law Society of Scotland as its first expert partner providing financial advice to sole practitioner solicitors and high street law firms.

The first of a series of partnerships the Society is launching this year, the agreement means that the mutual and its team of financial consultants in Scotland will provide advice to law firms of up to six partners through a dedicated web portal, and seminars and articles on how to grow their businesses, as well as looking after their personal finances.

Advice can cover matters such as short term financial needs, for example supporting cash flow for tax and VAT payments and finance for professional indemnity insurance, as well as capital expenditure and equity buy-ins. Individual lawyers can also obtain advice on their personal finances through to retirement and beyond.

In addition, Wesleyan will run educational events on commercial and personal finance with the Society, and arrange in-house training.

Lorna Jack, the Society's chief executive, commented: “Wesleyan has shown it understands the financial pressures law firms face and how it can help solicitors ensure their financial viability over the long term to enable them to develop and grow. I’m very pleased to announce this new partnership and look forward to working with Wesleyan in helping our members achieve their business goals.”

Alec Collie, Wesleyan’s area manager in Scotland, added: “We have worked hard to build relationships with the legal sector in Scotland and are delighted to form this partnership with the Society."