Bevan Brittan has helped secure the Solicitors Regulation Authority (SRA) a substantial windfall for its compensation fund.
The SRA has recovered £1.3m for the fund, which protects clients from losses caused by dishonest conduct by solicitors. The haul represents the biggest recovery since the fund came under the SRA’s remit.
The recovery follows a High Court ruling on thefts at shamed Midlands law firm Payne & Co.
Proceedings began after a massive shortfall was uncovered in Payne’s client account in 1995. The firm was subsequently closed down with the name partner struck off and later sentenced to five years in prison.
Bevan Brittan advised the SRA, alongside Timothy Dutton QC and Rosalind Phelps of Fountain Court Chambers.
Bevan Brittan regulatory partner Iain Miller said: “These types of claims form an important way of recovering losses that would otherwise fall on the profession as a whole.”
The compensation fund, which currently totals around £50m, is built by contributions by solicitors. The SRA said the recovery would help reduce future payments into the fund.