A partner at Kennedys has been dismissed from the firm and is facing a police investigation following allegations that he stole close to £1m from a client.
In April 2010 Kennedys discovered irregularities in relation to client funds and London-based commercial partner Peter Lloyd-Cooper, whose clients include a number of high-net-worth individuals, was suspended.
Kennedys said it immediately reimbursed the victim of the alleged theft, but could not comment on which client was affected or how much was allegedly stolen, although sources familiar with the incident said the figure is close to £1m.
Last month Kennedys was given the all-clear by the Solicitors Regulation Authority (SRA). Lloyd-Cooper is expected to be struck off the roll of solicitors and the matter is being dealt with by the police.
Senior partner Nick Thomas said: “In April 2010 irregularities with regard to client money came to light. Peter Lloyd-Cooper, a partner in our commercial department, was suspended and reported to the SRA. After an internal inquiry the client was made good and Mr Lloyd-Cooper expelled from the partnership.
“The SRA has conducted inquiries into both Mr Lloyd-Cooper and Kennedys as a firm. Last month we received a letter from the SRA saying there was no criticism of any individual but Mr Lloyd-Cooper, confirming that it had no criticisms of our systems. We understand that the SRA is proceeding against Mr Lloyd-Cooper and we will continue to cooperate with it and the police.”