SRA & SDT fines 25k to £4million
06/06/2025
At the moment, the maximum fine the SRA can impose on traditional law firms is £25,000, However, the upper limit is £250m for alternative business structures (ABSs) and the SRA announced a £77,784 fine yesterday for Gordons Partnership, an ABS which has offices in Chancery Lane and in Guildford.
- £77,784 fine yesterday for Gordons Partnership,
- https://www.lawgazette.co.uk/news/compliance-officers-overwhelmed-as-sra-dishes-out-77k-fine/5123465.article
AS AT May 2025 the SRA had recorded that 50 fines totalling £575,000 had been issued in the previous six months. And since this time Since then, there have been seven more, totalling £100k
The SRA can refer cases to the Solicitors Disciplinary Tribunal, which has unlimited fining powers, where it believes more is warranted – it did this recently with
- Southend firm Tolhurst Fisher, fined £120,000 - https://www.legalfutures.co.uk/latest-news/law-firm-fined-120000-for-15-years-of-aml-failures
- US firm Simpson Thacher & Bartlett, fined £300,000. - https://www.legalfutures.co.uk/latest-news/london-office-of-top-us-firm-fined-300k-for-aml-failures
The SRA recently issued its largest ever fine, £4m, to the non-lawyer owner of collapsed law firm Kingly.
Up to then, the most it had used its ABS power was £232,500 for London firm Mishcon de Reya in 2022.
Source
https://www.legalfutures.co.uk/latest-news/law-firm-slapped-with-80000-fine-for-aml-breaches
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