Burges Salmon faces SRA loans probe
Bristol-based law firm Burges Salmon is being investigated by the Solicitors Regulation Authority (SRA) over allegations of conflicts of interest and negligence following complaints made by former clients.
The legal watchdog is currently investigating the southwest firm, which allegedly acted in a conflict situation, mis-selling sub-prime loans by acting for both the borrower and lender – most notably, specialist agricultural lender UK Group. The SRA complaints have been made by two farming clients who are understood to have thought they could have sought loans on more preferable terms elsewhere.
Both former clients are being advised by Edwin Coe.
Burges Salmon, which has a highly-rated six-partner agricultural practice, denies the claim. The department boasts lawyers who wrote the definitive English agricultural law textbook, Scammell & Densham’s Law of Agricultural Holdings. A firm spokesman said: “We refute claims made by former clients of ours. We have clear conflict procedures and we expect all of our lawyers to follow them at all times.”
The SRA is still investigating the claims.
In June, the Bristol leader announced turnover of ?68.2m for the most recent financial year, an 11% increase on the ?61.4m billed in 2006-07. In addition the firm conducted one of its largest rounds of partner promotions in recent years, making up six of its associates on 1 May, taking the firms total partner numbers to 72.
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