News

Clifford Chance faces potential SRA probe following complaint from Welsh bricklayer

By on
24

Magic circle giant accused of overlooking fraud allegation

UPDATE: 28 June 2018 It has been announced today that there will not be an investigation into the allegations against Clifford Chance.

Clifford Chance could face an investigation by the Solicitors Regulation Authority (SRA) after a Welsh bricklayer accused the firm of overlooking an allegation of fraud during a review into Royal Bank of Scotland’s (RBS) treatment of small businesses.

The magic circle law firm was drafted in to review RBS’s global restructuring group (GRG) in 2014 following claims the banking giant had mistreated thousands of small businesses. Although critical of the bank, Clifford Chance’s independent report found there was no evidence of serious wrongdoing.

The 2018 Firms Most List

Following the publication of the report, business owner Clive May accused Clifford Chance of failing to act on evidence which he claims shows GRG was abusing a taxpayer-backed loan scheme. May — who owns a small bricklaying company in Wales and was one of 138 people interviewed by Clifford Chance during the review — complained to the SRA in 2015 and 2016, according to reports.

Now, several years on, the SRA has today confirmed that an investigation was “likely” but that it would be making no further comment. Clifford Chance declined to comment.

The Financial Conduct Authority (FCA) undertook its own review into GRG in 2015. While the report strongly criticised RBS for GRG’s treatment of small-business customers, it found no evidence that it forced businesses into default for its own benefit.

Sign up to the Legal Cheek Newsletter

24 Comments

Anonymous

CC is no longer near the Magic Circle grouping. HSF stands a better chance in 5th place than CC.

(17)(6)

Anonymous

Tbf Slaughters also does not belong in the MC group, although for different reasons.

(11)(0)

Anonymous

Come off it. CC cops a lot of flak but mainly from other lawyers and firms. From the client vantage point, other than in disputes, CC is unquestionably regarded as superior HSF.

(5)(16)

Anonymous

Hi CC Public Relations. I see that you’re picking the best medium you have to fight this.

(21)(2)

Anonymous

Damn. Rumbled! There goes my bonus.

(0)(1)

Anonymous

OK, so you would all turn down TCs at CC and Slaughters for the real magic circle firm, HSF.

Y’all are a pack of a jokers.

(24)(2)

Anonymous

CMS

(0)(0)

Anonymous

If you’re into litigation, then HSF would be the way to go. They do get the best cases in the City. Too bad litigation doesn’t earn as much as it does in the US… their pep figures would sky rocket.

(0)(0)

Taff

Annwyl Dai, yr wyf i gyd
allan o ddefaid ar hyn o bryd. Allwch chi fodloni fy anghenion trwy gyflenwi un heno?

(7)(2)

Anonymous

I can never tell if written Welsh is actually the real language or if someone’s cat walked across the keyboard.

(5)(0)

Anonymous

Try Google translate

(0)(0)

Fatima 3

This post has been removed because it breached Legal Cheek’s comments policy.

(0)(2)

Anonymous

OMG that is sooooooo racist!

(0)(0)

Anonymous

Taclus, Clive. Taclus.

(0)(0)

Anonymous

Clifford chance has an interesting history especially with their former trainees ranting in a bedroom and commenting early morning on the nature of the work in Oxford, keep up the good work “city lads” they are entitled to their “freedom of speech”

(58)(2)

Anonymous

This post has been removed because it breached Legal Cheek’s comments policy.

(1)(0)

Anonymous

OMG! You’re not allowed to say that.

Do you think we have freedom of speech in this country or something?

Move to America if you want to say things like that without consequences.

(0)(1)

Morgan

Rwyf wedi cyflawni trosedd gyda defaid. Oes gennych chi unrhyw gyngor i mi?

(1)(0)

Anonymous

A major global law firm with a long history of success in both disputes and transactional work follows the SRA guidelines, specifically in the indicative behaviours in the SRA Code of Conduct ( IB 5.7-5.8 I believe? Somewhere around there) by not alleging fraud in these circumstances.

A non-lawyer from Wales is mad because they likely didn’t get the compensation/general result they believed they were entitled to.

A disappointed Dispute Resolution team client. Well that’s a shocking revelation to lawyers around the world! Bloody slow news day, huh?

(1)(3)

Anonymous

CC certainly does not have a long history of success in disputes.

Between this, Excalibur, and SocGen v Goldas, the overwhelming impression would be that they’re rank amateurs, certainly compared to the UK litigation teams at any other MC firm, the major US firms, or even most of the Silver Circle firms.

(4)(0)

Anonymous

Try North Wales Police sending the file to CPS for charging

Sometimes it just aint about money ps RBS did pay money

(0)(0)

Curious George

Can anyone translate the Welsh? I’m dying to know what it says!

(0)(0)

Anonymous

THEY’RE ABOUT SHEEP!

DELETE THEM IMMEDIATELY!!!

(0)(0)

Anonymous

Don’t try to suppress the poster’s deep love and understanding of Welsh culture and language. Canmolwch y defaid.

(0)(0)

Comments are closed.

Related Stories