The rise in cases of fraud, and the consequential exposure of law firms to high value claims, has led to the SRA suggesting the potential removal of client accounts. This is already the case in some jurisdictions, such as Singapore. While it is hard to prove a consequential link, the quantum of claims in that jurisdiction is certainly much lower than in the UK.
The Law Society has expressed concern regarding the proposals, and is keen to elicit a wide range of views from members regarding the pros and cons of the status quo and various alternatives.
Responses must be lodged by 6th May.
For more information - visit the Law Society's Client Account consultation page.
Don't forget to check out Lockton's range of fraud risk guidance for more information about how to protect yourself against such risks.