Taking the decision to let the dust settle before weighing in on the latest controversy over alleged conflicts of interest is something of a double-edged sword. On the one hand, it gave us the chance in today’s issue of Legal Week to take a considered view on the much-debated position of Freshfields Bruckhaus Deringer and Allen & Overy (A&O) in the Northern Rock saga. On the other hand, it means we’ve had time to read the conflicts rules again, which is about as stimulating as watching paint dry. Grey paint.
But what do those rules say to illuminate the situation with the Rock? As a starting point it should be noted that despite being widely regarded to be more concise and easier to apply in their updated form, the rules still require a fair amount of interpretation. The section titled ‘Determining whether you have a conflict of interests’ gives a series of examples of potential situations to assess, a bit like a multiple choice in an exam paper. Even for journalists who have covered this debate for a while, separating the rule breaches from the all-clears is difficult. Presumably, since the Solicitors’ Regulatory Authority (SRA) maintains a helpline to advise on the rules, some solicitors also find it a challenge.
