SRA shut down UK firm Follett Stock
The Solicitors Regulation Authority has closed UK law firm Follett Stock after a petition by HM Revenue & Customs. comments powered by Disqus
The SRA said that the firm was insolvent, and that intervention was necessary in order to protect the interests of clients (or former or potential clients), and the interests of the beneficiaries of any trust of which Martin Pearse, Christopher Lingard, Follett Stock LLP and FSHL Limited are or were a trustee.
Helen Herniman, the SRA’s director of client protection, said: “In cases like these where the firm has become insolvent, we only intervene once all other options have been exhausted. We have had to intervene on this occasion as there was a clear risk to clients’ interests caused by the firm’s financial difficulties.
“The legal services market is facing a tough economic environment and other firms may find they are in a similar position. We’d urge all those who may be struggling financially to get in touch as soon as possible with either ourselves at the SRA, or other organisations that can offer advice such as their local law society.”