Are you doing enough to protect client money?

Print This Post

26 September 2017

Lawyer CheckerDuring the last year, the Solicitor’s Regulation Authority reported that £12 million of client money has been taken by fraudsters.

Protection of client funds was one of the key trends highlighted in the recent SRA Risk Outlook, which stressed that this is one of the basic duties of a legal professional.

Reporting on trends witnessed, the Outlook highlights that despite the fall in misappropriated client money, the risk is still prominent, with an average of 43 being reports being received each quarter. Conveyancing is noted as a key targeted area, namely involving email modification from a scammer, who will then impersonate one of the parties. The SRA references a significant number of instances where the fraudster has masqueraded as the solicitor in requesting the modification of bank details.

This could go some way to explaining the recommendation of considering to use services such as Lawyer Checker when transferring client monies.

Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate


Legal Futures Blog

‘No, minister – CMCs are not the answer to your problem’

Qamar Anwar 2

Last month, MPs on the justice select committee asked minister Lord Keen what would happen when the government went ahead with its plan to raise the small claims limit for personal injury claims (from £1,000 to £5,000 for road traffic related claims and to £2,000 for everything else). As it is a jurisdiction in which lawyers do not generally operate – because legal costs are not recoverable – who might help claimants navigate what can still be a complex process? His answer, surprisingly, was claims management companies.

February 22nd, 2018