Welcome to the first ever COLP Bleet. As you will see, the SRA have issued more guidance on anti-money laundering, in-keeping with its current AML drive and greater scrutiny of law firms in this area.
The SRA’s recent guidance on client confidentiality is also very interesting. If you believe what you read in the papers, 2015 looks set to be another bumper year for law firm mergers. In our experience, merging firms often taken a pragmatic view on the disclosure of information while undertaking the due diligence or disclosure exercise prior to a merger. This now seems much more challenging in light of the SRA’s view that “it cannot be argued that no merger or acquisition can be completed without disclosure of client files. A merger or acquisition can take place without making any disclosure that results in a breach of the requirements set out in Chapter 4 of the Code.”
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