Clifford Chance (CC) and its disputes partner Alex Panayides have both been fined £50,000 by the Solicitors Disciplinary Tribunal (SDT) for their involvement in the Excalibur professional negligence saga. The sanction is the first fine ever levied on one of London’s Magic Circle law firms.
Both Panayides and CC admitted to conducting High Court litigation under a conditional fee agreement which was ‘unlawful and unenforceable’, and they also admitted to producing an advisory document for a litigation funder ‘without disclosing that it had been drafted by one of the owners of the client’.
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