Large
UK law firms are less likely than small ones to face interventions by
the SRA according to an intervention agent working for the regulator.
Speaking at the recent Managing Partner’s
annual Anti-money Laundering Compliance for Law Firms conference,
Philip Barden, head of litigation and dispute resolution at Devonshires,
said that small law firms were more vulnerable.
“A
larger law firm is more likely to be able to persuade the regulator
that its clients are not at risk,” said Barden, who has been an
intervention agent for the SRA for ten years.
Ahead
of the recent Blakemores intervention he predicted that there would
likely be a “big increase” in the number of regulatory interventions in
future, which have averaged at about 60 a year in the past ten years. So
far in 2013 there are already eight firms in intensive supervision
where intervention is highly probable and a further 48 where
intervention is possible.
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