Reed Smith LLP
The Broadgate Tower, 20 Primrose Street, London
, EC2A 2RS
Decision - Sanction
Outcome date: 26 October 2020
Published date: 25 November 2020
Firm or organisation at date of publication and at time of matters giving rise to outcome
Name: Reed Smith LLP
Address(es): The Broadgate Tower, 20 Primrose Street, London, EC2A 2RS
Firm ID: 389662
This outcome was reached by SRA decision.
Reed Smith LLP is authorised and regulated by the SRA as a licensed body. It was authorised as a recognised body at the time of the conduct which led to the findings below. The firm’s head office is at The Broadgate Tower, 20 Primrose Street, London EC2A 2RS.
It was found that the firm failed to properly distinguish between itself and its connected practice, being Reed Smith LLP of Delaware, USA, both internally and in external correspondence, when dealing with a US freezing order dated 13 September 2012.
It was found that the firm’s conduct breached SRA Principle 6 and failed to achieve outcome 7.12 of the SRA Code of Conduct 2012.
SRA Principle 6 requires the firm to behave in a way that maintains the public’s trust and confidence in it.
Outcome 7.12 requires the firm to identify, monitor and manage all risks to its business which may arise from its connected practices.
The firm was issued with, and accepted, a written rebuke and a costs order of £1,350.