Some reflections on the collapse of PM Law

The PM Law group of firms collapsed in February 2026.  In total, almost £40 million of client money had been removed or was missing; tens of thousands of clients were left stranded in the middle of house moves, claims for personal injuries, dealing with the estates of loved ones, and so on; and about 600 staff lost their jobs (quite literally overnight).  This was a tragedy with huge human and financial costs that we must not lose sight of.

It’s perhaps important to say that this collapse was not caused by the regulator; and also that the great majority of solicitors are competent and ethical, working hard to comply with their regulatory obligations.  Equally, no regulator or system of regulation can achieve a zero-risk outcome where nothing bad ever happens; and whatever has gone wrong here was not because of a lack among the regulator’s staff of individual diligence or willingness to act.  But …

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