The Solicitors Regulation Authority of England and Wales has been notified of a significant shortfall in client account money that contributed to the collapse of ‘New Law’ firm Cubism, which closed its doors in July.
As part of its investigation into the collapse, the firm’s administrators Quantuma are now working with the SRA following the discovery of an unexplained client account shortfall which, according to three people close to the matter, hovers around the $303,000 mark. Two people said the shortfall was a factor leading to the firm’s collapse.
