Law Society to return up to 16 million to clients

The Law Society has launched a bid to return to clients and solicitors as much as 16 million left in firms it has shut down.The Society has set up a helpline and put on its Web site the names of 350 firms which have been closed and for which it still holds client monies.

It has also appointed auditors to track down those who might be entitled to claim.Around 100 firms are shut down a year over financial and other irregularities, and funds held by solicitors on behalf of their clients are transferred to a special account for safe keeping.

Clients can reclaim the money from the Solicitors Compensation Fund.While the system has worked well, the Society said more rigorous management meant it has recently become aware that some clients have not claimed money.

The fund - which also compensates for fraud - paid 183 million in the past decade, but unclaimed money has been building up.

The Society said it has 'changed procedures to ensure that everyone concerned is left in no doubt that they are entitled to claim back money that is theirs and how they do so'.Chief executive Janet Paraskeva said: 'When we discovered the situation, we took immediate steps to put matters right.

Some of the money will be due to clients, some to the compensation fund.

But some will belong to solicitors where we have intervened.

Those solicitors too can call our helpline.' The number is: 01926 823176.LINKS: www.lawsociety.org.uk