Taylor Rose is facing a £160,059 fine from the Solicitors Regulation Authority (SRA) for breaching regulatory requirements.
The SRA began an investigation into the LB 100 firm in 2023, and found that Taylor Rose failed to adequately manage bank reconciliations and residual balances.
The regulator found that the firm had not fully reconciled its main client bank account every five weeks, that the most recent accounts contained a significant number of unreconciled items, and that these had increased every month since April 2022, and had been carried over into subsequent months. These failures meant that the firm failed to promptly return client money from June 2018 to August 2025.
The firm then entered into a compliance plan with the SRA in December 2024, from which it was released after it was deemed to have met its targets in August 2025.
Taylor Rose acquired a number of firms from administration in the period 2018-2020, including Hertfordshire-based firm Breeze & Wyles and Southeast-based McMillan Williams, from which the firm then incurred residual balances.
The firm states that the issues identified by the SRA stem from these acquisitions.
While the SRA concluded that the fine, as well as £1,350 in costs, was an appropriate sanction for the firm, it did not identify any loss to clients, and placed the misconduct in band A, its lowest band.
Additionally, the fine was reduced by 30% following Taylor Rose’s cooperation with the SRA and implementation of remedies.
Taylor Rose operates nearly 20 offices across England, with its network spanning 775 lawyers and 88 partners. It generated £96.2m in revenue in the 2024-25 financial year – enough to place it within the top 60 UK-headquartered firms.
A spokesperson for Taylor Rose said in a statement: ‘While the issues predominantly stem from cases taken on with acquisitions of other firms between 2018 and 2020, we fully accept that we didn’t adequately deal with these issues at the time, partially due to a number of external factors impacting the capacity of our finance team.’
They continued: ‘They have now been fully resolved, and we have since put robust procedures in place to ensure strong governance of these matters.’
