The Water Cooler

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* Millions of pounds held by law firms could be at risk if any more banks go under. Money held in firms? client accounts ? house deposits, probate funds, compensation ? is only as safe as the bank it is kept in. Mark Stobbs, director of legal policy at the Law Society, has told the Law Society Gazette: ?We concluded that if a bank account is held by a solicitor on behalf of a client and the bank goes bust, it is going to be the client?s problem, rather than the solicitors.? Estimates of sums involved vary from ?1 billion to ?3 billion. So where is all this clients? money? One solicitor tells Law Diary: ?RBS went out a few years ago to target professional accounts. So they must have a good slice of the market.?

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