Clyde & Co has suspended two lawyers after they were found by the firm to have potentially breached accounting rules.

One of the solicitors is a partner and one is an associate, according to shipping news site Tradewinds.

In a statement to RollOnFriday the firm confirmed that it has reported the pair to the Solicitors Regulation Authority because of concerns relating to "the application of the SRA Code of Conduct 2011 and the SRA Accounts Rules 2011". In the meantime, it has suspended both of them pending an internal investigation.

Clyde & Co wouldn't say exactly what the lawyers have allegedly done (or not done), but the firm can't be blamed for being a bit twitchy when it comes to accounting rules. In 2017 three of its partners were ordered to pay £10,000 each, and the firm £50,000, after they admitted acting contrary to SRA Accounts Rules and money laundering regulations. It was the Solicitors Disciplinary Tribunal's biggest ever fine at the time.


 


After that snafu, the firm said that it had "reviewed and strengthened a number of aspects of our approach to risk management" and "worked constructively" with the SRA so that "the circumstances which led to these breaches could not happen again". If so, poor Clydes. You plug one hole in the dyke...

Tip Off ROF

Comments

Anon 19 July 19 09:48

Another week, another Clydes debacle.  

For a firm that is supposed to be proficient in risk management issues for its clients, it seems to be blighted by a disproportionate number of issues.  Its internal process and controls appear to be failing.   Have they learnt nothing after last time?   

Robert maxwell 19 July 19 11:28

Whilst everyone cannot be supervised all the time u have to ask has anyone at that firm done the lpc? Lmfao