The Solicitors Regulation Authority (SRA) said the investigation was one of the “largest and most complex ever undertaken”.
The law firm, which offered conveyancing, personal injury and will services, closed suddenly earlier this year. It comprised 11 companies across 25 offices, operating under more than 30 trading names across Yorkshire, Cumbria, Berkshire, Derbyshire and London.
The SRA said it was contacting and supporting thousands of the firm’s former clients. As of 17 April, 92 claims – totalling £9.31m – have been paid to PM Law’s former clients from the SRA Compensation Fund.
A further £6.8m has been paid out from money held by the firm at the time the SRA intervened, and 25,000 emails or letters have been sent to people identified from the seized files as having live matters.
Additionally, 17,000 enquiries have been dealt with, while 9,300 live files have been returned to clients, with a further 20,000 transferred to insurer clients.
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The SRA is continuing to handle hundreds of additional claims, and the total value could potentially reach £21.52m, including those already paid out. The regulator said this could increase if more applications come forward.
The regulator has brought in a prioritisation schedule to process applications to the fund for claims linked to both PM Law and wider applications relating to other law firms.
Claims will be handled according to the risk of harm faced by claimants and the SRA said this would not affect the likelihood of whether a claim is successful.
It has also moved more employees to its compensation fund team, who will be working extra hours to handle queries.
Paul Hastings, the SRA’s director of client protection, said: “We are continuing to do all we can to support former clients of PM Law, including by reuniting them with their money or files.
“Some of those affected were in the process of buying or selling a home, facing the risk of collapsed moves, or losing their deposits. Others were dealing with delayed probate matters, often while managing bereavement and outstanding estate administration.
“Many of the former clients faced significant upheaval at a stressful time, so we have been determined to provide as much support as possible.”
