Handling client money has added risks in modern times. Handling Client Money is Dying Out at Law Firms
Handling client money is proving too risky for top law firms so those working on large-scale M&A are quitting the age-old service.
March 29, 2022 at 12:05 AM
8 minute read
On a recent M&A transaction, a buyer made a mistake on the day of completion by sending through the final payment of billions of pounds from an account that didn't have enough money in it. They quickly rectified the error but then the deal was delayed because of a bank administrative fee from the first payment, which meant the amounts did not add up.
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