The UK Solicitors Regulation Authority (SRA) has closed down under-fire law firm Axiom Ince amid claims of a misuse of client funds.
In a statement, the SRA said the move is intended to “protect the interests of clients and former clients of the firm”.
It follows the SRA’s closure of the individual practices of three former Axiom Ince directors, Pragnesh Modhwadia, Idnan Liaqat and Shyam Mistry.
It also comes following a continuing exodus of lawyers from Ince & Co to rival London law firms.
The SRA described its move as an “intervention”.
“An intervention means we have closed a firm with immediate effect,” the SRA said.
“We will stop the firm from operating, take possession of all documents and papers held by the firm, and take possession of all money held by the firm (including clients’ money). We are not responsible towards employees or trade creditors of firms that we have intervened in.”
Last week, the SRA reported the findings of its investigation into Axiom Ince to the London Metropolitan Police.
The regulator had been looking into claims that Axiom used client funds to purchase two law firms out of insolvency. One of the firms was Ince & Co, controlled by the Ince Group, which was acquired in April.
Offices closed
Axiom Ince has been contacted for comment. A statement on its website said: “The offices of Axiom Ince have been closed by the Solicitors Regulation Authority.”
TradeWinds today reported seven Ince & Co lawyers have departed to join Wikborg Rein in London. In contrast, Ince & Co global head of marine projects Stuart McAlpine has joined Stephenson Harwood.
Watson Farley & Williams has taken on six Ince & Co lawyers in Athens. Earlier, Birketts took on a team of insurance and marine lawyers from the firm, while Penningtons Manches Cooper has hired three.
