Compliance & Regulation
Two law firms fined thousands for AML non-compliance
Two law firms that have not had their anti-money laundering policies in order for several years have been fined by the Solicitors Regulation Authority.
Firm held hundreds of residual balances for up to 28 years
A law firm that held nearly £600,000 in hundreds of residual client balances dating back 28 years has been fined by the Solicitors Regulation Authority.
Exclusive: SRA begins fundamental review of client protection
The SRA today starts a conversation about the future of client protection arrangements, the extreme end of which could see the end of firms holding client money and of the Compensation Fund.
Solicitor jailed for stealing money using powers of attorney
A solicitor has been jailed for two years after admitting abusing her position to steal tens of thousands of pounds from two vulnerable people, one of whom was her father.
Legal helpline adviser not under duty to advise prospective client
A legal helpline adviser at Irwin Mitchell was not under a duty to advise a prospective client of steps she needed to take to protect her position, the Court of Appeal has ruled.
SRA to investigate regulating CILEX paralegals and students
The Solicitors Regulation Authority is to consult on how it would regulate CILEX paralegals and students in the next stage of its work on assuming oversight of the legal executive profession.
Collapsed SSB “faces up to 1,400 negligence claims”
Consumer claims firm SSB Law, which went into administration earlier this month owing six litigation funders £200m, faces up to 1,400 professional negligence claims, it has emerged.
Nothing “inherently improper” about barristers using generative AI
There is nothing “inherently improper” about barristers using tools based on generative AI, so long as they are “properly understood” and “used responsibly”, the Bar Council has said.
Solicitor who ‘retained’ but never instructed counsel is struck off
A solicitor who dishonestly misled his client, his client’s son and the other side about the progress of litigation he was conducting has been struck off.
SRA writes to over 1,000 firms about poor sanctions compliance
The Solicitors Regulation Authority has written to give guidance to more than 1,000 law firms that admit they do not have basic controls in place to mitigate sanctions risk.
Blog
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
The power of participation for trainees and apprentices
It’s important as a trainee or an apprentice to get involved in the life of your firm – even under the pressure of discovering how to navigate professional life and now the demands of the SQE.
