The SRA Failed PM Law's Clients. Time to stand up and complain
With up to £39.5 million in client money missing and the Compensation Fund taking yet another catastrophic hit, it is time to ask the question that nobody in regulation wants answered: does the SRA bear legal liability for the consequences of its supervisory failures and should the law-abiding profession continue to foot the bill? The numbers around the collapse of PM Law are extraordinary in their scale and, by now, grimly familiar in their pattern. Up to £39.5 million of client money is missing from a Sheffield-based group of 11 companies, 25 offices, and more than 30 trading names. The Solicitors Regulation Authority intervened two days after the group's sudden closure in February 2026. As of the end of last week, the SRA has paid out £9.3 million in 92 claims, with hundreds of further claims anticipated. The burden on the Compensation Fund is predicted to reach £21.5 million. Extra staff have been seconded in. Intervention agents are working evenings and weekends. This is the...
