UK firm City Law is shut down by SRA
UK law firm City Law has been shut down by the Solicitors Regulatory Authority for breaching the industry regulator’s Code of Conduct. The SRA claims that City Law has failed to maintain controls to monitor risks to clients, failed to monitor its own financial stability and falied to co-operate with the SRA.
The first sign of trouble at the single-partner firm, which was led by ex-Denton Wilde Sapte and Hogan Lovells solicitor Paul Fallon, was in August when City Law was unable to pay £200k for its quarterly rent.
In a statement the SRA said its intervention would "stop the firm from operating, take possession of all documents and papers held by the firm, including clients’ papers, and take possession of all money held by the firm, including clients’ money".
The firm’s files are being handed over to Devonshires, and it is not yet clear whether Fallon will face the Solicitors Disciplinary Tribunal.
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