Large Law Firm Closes - What You Need to Know

An investigation is underway after the sudden closure of a major law firm last week left thousands of property buyers and sellers unable to complete transactions. 

 

Sheffield-based PM Law, which operates several firms across Yorkshire, Cumbria, Berkshire, Derbyshire and Kent, shut without warning. The group specialises in conveyancing alongside other legal services. 

 

The Solicitors Regulation Authority (SRA) was forced to intervene in the group of firms, giving it control over client files and funds and allowing it to close the businesses with immediate effect. PM Law has been approached for comment. 

 

The regulator said the intervention enables it to take possession of all documents and money held by the firms, including client funds. 

 

SRA chief executive Sarah Rapson said: “We have acted quickly and decisively to protect the interests of clients. 

 

“I fully sympathise with the clients of the firm [following SRA’s closure]. Many of those involved are buying and selling a house or dealing with personal injury claims. These matters can be stressful enough without the added complication of your solicitor’s firm closing during the process.” 

 

Kate Faulkner, founder of PropertyChecklists.co.uk, said: “For all those affected by the closure, this will be very stressful. However, it’s important for all buyers and sellers to know that a conveyancing company’s closure is rare. On the occasion it happens, the regulator and home moving industry act very quickly to mitigate what’s happened and support buyers and sellers to continue with their move". 

 

For anyone who was using PM Law Group: 

 

If you were using PM Law Group and want more information about what you can do and who to contact, visit: https://www.sra.org.uk/news/news/pm-law-clients/ and https://www.gordonsllp.com/pmlaw 

 

The SRA, working with its intervention agent (another solicitor firm contracted to carry out work on this issue), will: 

 

- Help you access your paperwork 

- Work out what has happened to any money you paid 

- Decide whether funds can be refunded or paid on to their original purpose (for example, a lender or a property purchase) 

 

This process will take time, but it is the safest way to sort things out properly. 

The intervention agents will prioritise trying to identify and contact clients with the most urgent or imminent matters. Where such cases are identified, they will attempt to contact clients to advise of the need to instruct another conveyancing lawyer to progress the work. 

 

In some exceptional circumstances where there is no time for this to happen — for example if a client is due to complete on a house sale or purchase within a few days of the intervention—the intervention agent may, at their discretion, be able to act on the clients behalf on an emergency basis. 

 

What happens to my money? 

 

Any money in the firm’s bank accounts at the time of intervention will be held by the SRA in its Statutory Trust Fund while it finds out who it belongs to. Once it has completed that process, it will look to return money to its owners. 

 

If a solicitor/conveyancer was holding your money and the SRA is not able to return it to you, for example if it has gone missing, you may be able to make an application to its compensation fund. This is a discretionary fund with set criteria for making a claim and the SRA will need to prioritise dealing with urgent claims soonest. 

 

Gordons LLP has been appointed intervention agent. The full list of firms affected are: 

 

PM Law Limited 

Proddow Mackay Limited 

3M Law Limited 

Linkfield Claims Service Limited 

Butterworths Solicitors LLP 

Autonet Law LLP 

Proddow Mackay (Conveyancing) Limited 

WB Pennine Solicitors LLP 

Proddow Mackay Solicitors LLP 

PM Law (Specialist Claims) Limited 

PM Property Lawyers Limited 

Additional trading names 

Abraxas Law 

All Your Accidents 

Angela Viney Conveyancing Services 

Complete Property Deal 

Barrett and Co Solicitors 

BB Conveyancing 

Bridgeview law 

DAzur Law 

Deborah J Hoban Law 

GN Law 

Gaddes Noble Law 

Gaddes Noble Property Lawyers 

Gaines & Wilkinson Ltd 

HGA Conveyancing 

John M Lewis & Co Ltd 

JK Advokatas 

KB Property Law 

Lexelle Assist 

Litkraft Solicitors 

Litkraft Conveyancing 

Lloyd Green Solicitors 

PLA Law Limited 

PM Legal Services 

PM Property Lawyers 

Proddowmackay.law 

Proddow Mackay (Conveyancing) Limited 

Valerie Holmes Law 

Valerie Holmes Property Lawyer 

Wilsons Solicitors