UK Law Articles
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The Times
April 22 1998
Solicitors in trouble increase, but claims are down
BY FRANCES GIBB
LEGAL CORRESPONDENT
THE number of dishonest firms of solicitors prompting an intervention or takeover by the Law Society increased from 75 to 86 last year, according to statistics released yesterday.
The monitoring and investigations unit of the Office for the Supervision of Solicitors inspected 566 law firms in 1997, of which 43 per cent were found to be in significant breach of the accounts rules. That led to the 86 interventions. The office's report to the Law Society says the visits were made on the basis of information or intelligence received.
Of the 86 firms where the Law Society had to appoint another firm to take over the running of the practice, 76 were sole practitioners and the rest were two-partner firms.
The number of applications for compensation by aggrieved clients - 1,074 - and the amount paid out - £10.75 million - fell by more than 15 per cent from 1996. The report says that, although no new forms of dishonesty were uncovered in 1997, there remain risks to solicitors and to the probity of the profession from advance fee fraud, banking investment fraud and money laundering.
"Indeed, evidence suggests fraudsters are becoming more sophisticated," it says. "During the year the fraud intelligence office circulated a yellow-card warning about banking instrument fraud to every solicitor in the roll. Solicitors need to be alert to being innocently involved in these types of schemes."
Dave McNeill, spokesman for the Law Society, said: "The message is generally good news but there is no room for complacency."
* The theme of this year's Local Law Society Challenge Fund in England and Wales is improving solicitors' public image. Prizemoney for the best ideas totals £24,000 .
