Overview
- The SRA says PM Law is under investigation for a sophisticated scheme that misused £39.5m of client money, and about £16m has already been returned to former clients.
- Ninety‑two compensation fund claims worth £9.31m have been paid, with a further £6.8m returned from the firm’s accounts and total submitted claims now estimated at £21.52m.
- To handle the surge in applications, the SRA has introduced a risk‑of‑harm priority system and moved extra staff into its compensation team.
- Intervention agent Gordons has contacted tens of thousands of former clients, handled 17,000 enquiries, returned 9,300 live files, and transferred another 20,000 files in bulk to insurers.
- The intervention spans 11 companies and 25 offices across several regions, disrupting home sales and probate for thousands after the firm shut without warning in February.