Compliance & Regulation
Reality of law firms’ approach to AML not living up to their policies
There is a difference between many law firms’ anti-money laundering policies and procedures, and what actually happens in practice, the Solicitors Regulation Authority has found.
Partners saw £100m pass through client account from car park scheme
Two partners who saw more than £100m pass through their firm’s client account for a car parking and storage pod investment scheme have been fined for misconduct.
Investment schemes causing “huge number” of claims
Dubious investment schemes involving solicitors are becoming “far more sophisticated” and leading to a “huge number of claims” on the Compensation Fund, the SRA has warned.
‘Upskirting’ Brexit barrister banned for six months
A senior government barrister, who was one of the first people convicted of ‘upskirting’, has been banned from returning to practice for six months after he completes his sentence.
Quality of AML reports from solicitors “getting worse”
The quality of one of the two main kinds of anti-money laundering reports made by solicitors has got significantly worse, a senior manager at the National Crime Agency said yesterday.
Commercial property solicitor’s “outrageous failure” leads to strike-off
A solicitor whose conduct of several property transactions has triggered multi-million-pound negligence claims against his former firm has now been struck off.
PII market “only getting harder” after 17% premium increase
The market for professional indemnity insurance is likely to continue to worsen but future premium rises should not be at the average of 17% seen this autumn, a leading broker has predicted.
Solicitor ordered to repay small part of legal aid fraud proceeds
A solicitor and her partner who defrauded a law firm and the Legal Aid Agency of almost £95,000 in a translation scam will have to repay just £5,584, a court decided last week.
Solicitor “proud” to have run £3.4m loan scheme with client cash
A solicitor who loaned £3.4m from clients’ estates and private lenders to other clients and “known individuals” – a broking operation he had carried out for decades – has been struck off.
High Court overturns “flawed” SDT decision to clear solicitor
The Solicitors Disciplinary Tribunal “fell into serious error” in finding no case to answer against a solicitor accused of making a fraudulent costs claim, the High Court has ruled.
Blog
It’s time for law firms to ask tougher questions
For years, many law firms have treated ID verification as a box-ticking exercise. Run a liveness check, match a face to a document and move on. But that is no longer good enough.
Business fatigue to AI will risk job security
Whilst we know professional learning has always been part of career paths, to hire, retain and keep talent, AI needs to be embedded as a core part of this training.
On good authority? GenAI and the reputational risks to law firms
As GenAI’s influence grows, so do the risks which are already playing out in courtrooms across England and Wales, where some early adopters are setting precedents they would rather not.
