# Concerns raised five years before law firm collapse

- URL: https://talkfuse.com/story/concerns-raised-five-years-before-law-firm-collapse/
- Published: 2026-11-06T06:10:00+00:00
- Updated: 2026-11-06T07:23:07+00:00
- Original publisher: feeds.bbci.co.uk (publisher lean: Centre)
- Original article: https://www.bbc.co.uk/news/articles/cmd93ykdzy9wo?at_medium=RSS&at_campaign=rss
- Topics: Sheffield

## Key points

- PM Law collapsed after earlier concerns were reported to the SRA.
- Up to £39.5m in client money may be missing.
- The SRA says it is changing how it regulates firms.

## Summary

PM Law collapsed suddenly on 2 February, leaving hundreds of employees without work and clients stranded during legal transactions. An independent review found that concerns about the firm’s handling of client money had been reported to the Solicitors Regulation Authority (SRA) five years earlier, but warning signs were missed.

A former employee reported Proddow Mackay (Conveyancing) Limited in March 2021 over anti-money laundering checks and client funds; the SRA opened an investigation in November 2022 and closed its forensic inquiry in spring 2025. The regulator previously said up to £39.5m in client money could be missing, while a legal charity says the share of reports referred for investigation fell from 53% in 2017-18 to 15% in 2023-24. The SRA says it is changing its approach, including closer supervision of high-risk firms.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.