The recent fines for two solicitors highlight significant ethical lapses in client representation.
- Zachariah Reynolds and Alexa Kordowicz were fined over £30,000 for neglecting conflicts of interest.
- Reynolds’ misconduct involved questionable transactions affecting estranged clients, risking their property.
- Both solicitors admitted to breaches, showing regret and outlining improvements to prevent future issues.
- The penalties underscore the importance of maintaining stringent ethical standards in legal practice.
Two solicitors, Zachariah Reynolds and Alexa Kordowicz, were fined more than £30,000 for failing to address conflicts of interest and neglecting to act in the best interests of their clients. This disciplinary outcome by the Solicitors Regulation Authority (SRA) exposes critical ethical violations in their legal practice.
Zachariah Reynolds, a qualified solicitor since 1998, was significantly involved in two problematic transactions concerning a property developer client, ‘Mr A’, and an estranged couple, ‘Mr B’ and ‘Ms C’. In one transaction, a £112,500 loan, intended for Mr A, was secured against Mr B and Ms C’s joint property, raising concerns about the potential conflict of interest and the risk to the clients’ assets. The absence of proper instructions and client-care letters further compounded the issues.
Mr Reynolds was also criticised for acting alone in a £50,000 loan transaction for Mr A, without adequately considering the interests of Mr B and Ms C, whose property was used as collateral. Despite arranging for them to receive independent advice, there was acknowledgment that the advice would have been better provided by a different firm. Reynolds admitted multiple breaches of the rules, expressed remorse, and outlined procedural improvements aimed at avoiding similar lapses in the future.
Alexa Kordowicz, who qualified in 2013 and worked closely with Reynolds, was involved in a third transaction that failed to ensure a proper source of funds check for a deposit in a property purchase. Her fine was due, in part, to following Reynolds’ flawed approach. Despite having five years of legal experience, her junior status relative to Reynolds was considered during the assessment of her fine.
The SRA’s decision to impose fines equivalent to significant percentages of their gross annual incomes reflects the seriousness with which such ethical breaches are treated. Reynolds and Kordowicz’s cases serve as a poignant reminder to the legal profession of the critical importance of safeguarding client interests and maintaining rigorous standards of practice.
The fines issued to Reynolds and Kordowicz reaffirm the essential role of ethical diligence in legal practice.
