In an unflattering revelation ahead of its planned IPO, Mishcon de Reya yesterday (5 January) received the highest-ever financial penalty issued by the Solicitors Regulation Authority (SRA) of £232,500 for a string of failures related to money laundering rules.
The firm, which has also been issued with a £50,000 costs order, admitted to failing to provide adequate due diligence on four client matters. It also accepted it had misplaced the hard copy evidence of the due diligence it carried out on those matters. Continue reading “Mishcon hit with record £232,500 SRA penalty over money laundering mishaps”
Just when Freshfields Bruckhaus Deringer probably thought its #MeToo woes were behind it, a fresh spotlight has been shone on a prominent partner over allegations of misconduct in handling an alleged rape case involving UBS and a Solicitors Regulation Authority (SRA) investigation underway.
The matter came to light on Thursday (13 August) when the The Financial Times reported that influential Freshfields employment partner Caroline Stroud was being investigated by the watchdog for her conduct in dealing with a review of the investment bank’s handling of a rape allegation. Continue reading “Freshfields refutes partner misconduct in handling alleged rape case as SRA confirms probe “
The ongoing #MeToo saga within in the legal profession was only a few chapters old last year when our annual risk and professional indemnity report with broker Marsh went to press. Fast forward a year and law firm risk managers and general counsel (GCs) are faced with a harsher environment to navigate on many fronts. Not least is the Solicitors Regulation Authority (SRA)’s tougher stance on sexual misconduct allegations and calls for firms to have better procedures in place for handling internal complaints, as laid out in the regulator’s new Standards and Regulations (StaRs) rulebook last September.
As Stephen Morton, senior vice-president for professional risks at Marsh, observes: ‘It is striking how human the risks are now, compared to ten years ago after the financial crash when [they] were very much measured against loss strategies. There has been a shift to realising that the legal profession is fundamentally built on people.’ Continue reading “Risk management survey 2020 – Crooked timber”
Junior barristers have heavily criticised the government’s self-employed support package as ‘woefully insufficient’ while imploring the Bar Council to address ‘urgent and serious concerns’ about the scheme.
The open letter, published today (30 March), says the government’s Self-Employed Income Support Scheme announced last Thursday neglects newly-qualified barristers as it does not provide financial aid to those without 2018/19 self-employed tax returns that accurately reflect their current earnings. Continue reading “Junior barristers blast the government’s ‘woefully insufficient’ self-employed support package”
Courts in England and Wales have made changes to their practices as the Lord Chief Justice joins those dismissing claims the courts can operate as normal as the spread of coronavirus widens.
The justice minister Chris Philip said this week courts would be ‘operating as normal’ despite guidance from the Prime Minister Boris Johnson warning people to avoid unnecessary journeys and to work from home where possible. Continue reading “‘Under-funded and ill-served’ courts face pressure to adapt as coronavirus hits the justice system”
Amid growing economic uncertainty, Treasury today (11 March) announced a budget looking to reassure businesses as coronavirus fears continue to rise and law firm partners brace for a slowdown.
The budget comes as early optimism for 2020 has turned to anxiety among major law firms, with clients become increasingly impacted by the global outbreak of coronavirus. Chancellor Rishi Sunak unveiled a £30bn package to help tackle the virus, which included the abolition of business rates for small businesses and a £1bn government-backed loan scheme. Continue reading “‘Not ingredients for activity’: Treasury reveals fiscal stimulus to battle coronavirus slump”
The Solicitors Regulation Authority (SRA) has decided not to appeal the sanctions handed to former Freshfields Bruckhaus Deringer restructuring partner Ryan Beckwith by the Solicitors Disciplinary Tribunal (SDT) for misconduct last October.
The decision brings to a close a long-running and uncomfortable saga for the Magic Circle firm after Beckwith’s sexual activity with a junior member of his team was found to be in breach of principles two and six of the solicitors’ code of conduct, requiring solicitors to ‘act with integrity’ and ‘behave in a way that maintains the trust the public places in you and in the provision of legal services’. Continue reading “#MeToo: SRA decides against Freshfields’ Beckwith misconduct sanctions appeal”
The American Bar Association (ABA) suggested yesterday (17 February) that American states consider ‘innovative approaches to the access to justice crisis’ before quickly facing resistance from influential state bars strongly opposed to alternative business structures (ABSs).
The recommendation came through a resolution proposed before a meeting of the ABA’s biannual ruling House of Delegates in Austin, Texas. The original resolution encouraged bars to gather data to assess regulatory innovations to ensure changes that are effective in increasing access to legal services. Continue reading “Down this road before: State bars fiercely oppose ABA’s US innovation push”