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: International and UK Law

The Water Cooler

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* Millions of pounds held by law firms could be at risk if any more banks go under. Money held in firms? client accounts ? house deposits, probate funds, compensation ? is only as safe as the bank it is kept in. Mark Stobbs, director of legal policy at the Law Society, has told the Law Society Gazette: ?We concluded that if a bank account is held by a solicitor on behalf of a client and the bank goes bust, it is going to be the client?s problem, rather than the solicitors.? Estimates of sums involved vary from £1 billion to £3 billion. So where is all this clients? money? One solicitor tells Law Diary: ?RBS went out a few years ago to target professional accounts. So they must have a good slice of the market.?

Full post as published by International and UK Law on October 09, 2008 (boomark / email).

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