Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Lawyers in the UK are haunted by the Solicitors Regulation Authority, which recently went "boo" in a big way for one U.S.-based law firm. https://t.co/BlwzRjp2Qx
One partner at a U.K.-based firm, who has deep knowledge of SRA procedures, suggested that the regulator may be choosing to pursue what it perceives as more “watertight” cases, given the initial failure of its case against Dentons. https://t.co/C195xOnnTW
People with deep knowledge of the SRA and large law firms say that concerns are not so much for the sanction itself, but rather the bad press the news can generate, the effect it can have on Google search results and the perception it creates among prospective clients. https://t.co/QzL0pPiL4p
The Solicitors Regulation Authority (SRA) has recently taken significant actions against law firms, closing down four in just two days. This has caused concern among large law firms, particularly following the prosecution of Simpson Thacher for anti-money laundering violations. Industry insiders suggest that the fear is more about the negative public relations impact than the sanctions themselves. The SRA is reportedly focusing on cases it deems 'watertight' after an initial failure in its case against Dentons. The actions by the SRA highlight the increasing scrutiny and regulatory pressure faced by law firms, especially concerning compliance with anti-money laundering regulations.
