SRA probes ‘potential fraud’ at PM Law
The body that regulates the solicitors’ profession in England and Wales says that it is investigating potential fraud – including the misappropriation of client money – linked to the unexpected closure of a firm earlier this month.
The Solicitors Regulation Authority (SRA) launched an investigation into PM Law on 4 February, two days after being alerted to its closure.
Concerns from clients of the firm had been raised with the SRA on the same day as its closure.
The authority’s intervention agent, Gordons LLP, has taken possession of all files and money (including client funds) held by the firm.
‘Appropriate action’ pledge
In an update yesterday (16 February), the SRA executive director of legal and enforcement Jonathan Peddie said that the body had also shared information from its probe with the appropriate law-enforcement agencies.
“Alongside doing everything we can to protect and support clients, we are moving as quickly as we can with our investigation. It is a complex picture, and we are still establishing the core facts,” he stated.
Peddie said that the SRA would take “appropriate action” to protect the public – including enforcement action against anyone involved in misconduct.
The England-and-Wales Law Society Gazette said that the scale of the potential cost to the SRA’s compensation fund had not yet been calculated, adding that PM Law had tens of thousands of live cases run from 24 offices across England.