The Solicitors Regulation Authority (SRA) is drawing up a set of guidelines for large firms facing administration in light of experience gained following the collapse of Halliwells.

The regulatory body is consulting with a number of law firms, banks and insolvency practitioners to come up with a protocol to make sure that firms going into administration in the future are compliant with the profession's regulations.

Halliwells filed a notice of intention to appoint an administrator in June this year, at which time the SRA only had guidance for the insolvency of individual practitioners and had no guidelines for complex administrations.

The discussions are being led by the SRA's head of legal, Jennifer Johnson, alongside primary external adviser Bevan Brittan's head of commercial litigation, Iain Miller.

Soundings are also being taken from firms including CMS Cameron McKenna, which is advising Halliwells' administrator, BDO, and LG restructuring partner Steven Cottee, who advised Hill Dickinson on its acquisition of parts of the Halliwells' business. Cottee was also involved in the Hextalls administration in 2009, acting for administrators Begbies Traynor.

The guidelines will include instructions for dealing with client files and client money, payment of counsel fees, practising certificates and training contracts.

Miller commented: "Given the unprecedented situation of a firm the size of Halliwells going into administration, the SRA and parties involved worked very well to ensure regulatory matters were met with and the client's interest maintained. However, we can draw from this experience to improve our procedures."