Jurisdiction(s):
United Kingdom

Key definition

Style definition

What does Style mean? In legal practice, a style is a precedent or template for a document, used as a model when drafting similar documents (for example, contracts, deeds, pleadings, affidavits, company resolutions and wills). The term is descriptive rather than statutory; it is widely used in Scotland and understood across England and Wales, Northern Ireland and Ireland, where ‘precedent’ is more common. A style typically provides boilerplate wording, standard clauses and optional alternatives (often shown in square brackets), sometimes with drafting notes. Styles appear in firm house-style collections and published style books or formbooks. Practitioners must adapt any style to the client’s facts, transaction, forum...

Law firm financial management and resilience self-assessment checklist for partners and senior managers

Published by a LexisNexis Practice Compliance expert

Precedents

Good behaviour or practice

Do not pay partners regardless of available cash; retain a portion of annual net profit to build reserves.
Avoid short‑term borrowing for partners’ tax and never treat VAT receipts as free cash.
Ensure partners routinely see office account balances, e.g., regular copy statements, and keep reliance on overdrafts modest.
Partner capital should not be wholly debt‑funded, and steer clear of unaffordable commitments such as lengthy leases or extra staff.
Respond swiftly to regulatory information requests, including the SRA’s annual information report.
Maintain a balanced senior leadership able to challenge decisions, face financial realities, and collectively understand risk, oversight and controls.
Keep all partners/senior managers informed of the firm’s true financial position and share key metrics frequently.
Stress test profits (e.g., model a 10% income drop) and tie drawings to KPIs with firm financial targets; keep drawings and remuneration proportionate to profit and revenue.
Review and, where suitable, trim overheads; ensure net assets exceed borrowings and do not take on debt you cannot service.
Operate robust performance measurement, billing and collections; keep mixed office/client monies out of the office account.
When diversifying, merging or acquiring, undertake thorough due diligence and planning; avoid an overly narrow practice without a clear USP...

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Web page updated on 22/05/2026

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