Rapson: Troubling news
The Solicitors Regulation Authority (SRA) has intervened into 11 law firms that between them have 30 trading names following the sudden closure on Monday of the PM Law group..
In a statement, it said: “We launched an immediate investigation into PM Law on Monday and contacted the firm to make sure client interests are protected properly.
“As a result of our initial investigation, we have taken the decision on 4 February to intervene into the group of firms.”
This means the regulator has identified a risk to client interests and most likely a disorderly closure.
The 11 firms are: PM Law Ltd, Proddow Mackay Ltd, 3M Law Ltd, Linkfield Claims Service Ltd, Butterworths Solicitors LLP, Autonet Law LLP, Proddow Mackay (Conveyancing) Ltd, WB Pennine Solicitors LLP, Proddow Mackay Solicitors LLP, PM Law (Specialist Claims) Ltd and PM Property Lawyers Ltd.
The list of trading names can be found on the SRA website, which sets out initial advice to clients too.
Chief executive Sarah Rapson said: “We have acted quickly and decisively to protect the interests of clients.
“The sudden announcement from PM Law on Monday that they had closed is troubling news and I fully sympathise with the clients of the firm.
“Many of those involved are buying and selling a house or dealing with personal injury claims. These matters can be stressful enough without the added complication of your solicitor’s firm closing during the process.
“While we cannot disclose information about an on-going investigation, we are working quickly to gather all the relevant information and provide answers to those that have raised important questions about their on-going matters with the firm.
“Finally, we also recognise that this is a difficult time for the employees of the firm who have sadly lost their jobs this week.”
John Owen, a partner at Bradford firm Gordons, has been appointed as the SRA’s intervention agent.
The group had more than 600 staff and messages of support, offers of help and job openings have continued to flood LinkedIn.
One private client lawyer at the firm wrote: “Don’t think any of us @PM Law or WB Pennine going into the office Monday morning expected a note on the door telling us we have ceased trading… no hints, no heads up and no way to contact our clients.
“Clients left with sales and funds up in the air, employees left without security of income and not a word from anyone on what has happened.
“An uncertain future lies ahead but if there’s one thing I’m certain on is myself and my colleagues did a tremendous job and we can look forward to passing that onto our next adventures.
“The support shown on LinkedIn and throughout the legal community has been second to none and the message is clear, one door closes, another opens.”
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