‘Very big, catastrophic failures’ over next 12 months, APIL president predicts
Stockwell concerned at SRA's lack of resources to monitor conflicts of interest.
There will be some "very big, catastrophic failures" of law firms over the next 12 months, Matthew Stockwell, president of APIL has warned.
"We will see some massive interventions and horrible messes, like other parts of the financial services sector," Stockwell said.
Speaking at a joint APIL, MASS and FOIL conference in London yesterday, Stockwell said he was also concerned about the "lack of resources available to the SRA" to monitor conflicts of interest within ABSs and a lack of transparency for clients.