SRA missed numerous chances to halt PM Law losses, report finds
A report by Jenner & Block reveals that the Solicitors Regulation Authority failed to intervene in the PM Law group despite numerous red flags and reports of financial misconduct. The firm eventually collapsed with £40m in client money missing, highlighting systemic regulatory failures.
Why it matters
The failure of a major legal regulator to protect client funds undermines public trust in the legal profession and highlights the need for more rigorous oversight.
The Solicitors Regulation Authority missed numerous opportunities to intervene into a law firm group where some £40m of client money went missing, an investigation has revealed.
A report commissioned by the SRA into the handling of PM Law found the regulator conducted two separate investigations in 2023 and 2025 – neither of which prompted significant action – before PM closed suddenly earlier this year. The SRA then intervened two days later to close the 11 practices operating under the PM Law umbrella.
The report, by City firm Jenner & Block, detailed how numerous reports of potential misconduct were made in the three years before the firm closed, none of which prompted urgent action.
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