SRA intervenes following PM Law closure
The unexpected intervention by the SRA aims to safeguard clients' interests and manage ongoing matters efficiently
On Monday, 2 February, the unexpected closure of PM Law Ltd and its associated firms was announced, sparking concern among clients and stakeholders. The Solicitors Regulation Authority (SRA) promptly launched an investigation the same day to ensure the protection of client interests. Following initial findings, a formal intervention was decided on 4 February, which involves taking control of all documents, papers, and money held by the firm.
Sarah Rapson, Chief Executive of the SRA, said ‘We have acted quickly and decisively to protect the interests of clients.’ She acknowledged the distress caused by the firm’s sudden closure, especially for clients engaged in crucial matters like property transactions or personal injury claims. Rapson added, ‘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.’
The SRA is aware of the challenges this creates and is committed to providing clarity to affected clients. ‘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,’ Rapson explained. The intervention also highlights the difficult circumstances faced by employees of PM Law who have lost their jobs during this upheaval.
To assist clients with ongoing matters, an intervention agent has been appointed to reach out prioritising those with urgent issues. Initial information has been made available on the SRA’s website, and updates will follow as more information is gathered in this evolving situation.
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