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help@frenkels.com The Institute of Chartered Accountants in England and Wales (ICAEW), the UK’s largest representative body for the accounting profession, has recruited 20 senior accountants, including forensic accountants, and also lawyers to mediate high-value disputes involving FTSE 250-level companies.
It is part of an initiative headed by Cherie Booth, QC, and Lord Woolf, the former Lord Chief Justice, aimed at saving big companies millions of pounds in legal costs by settling disputes out of court.
In a groundbreaking move, an accountant will be appointed to sit alongside a lawyer and will hear disputes on a range of issues, such as contracts, intellectual property rights and lending agreements. Their recommendations will not be binding.
Lord Woolf, the Lord Chief Justice from 2000-05, said that the involvement of forensic accountants would place the emphasis on achieving a commercial outcome rather than focusing on the legal merits of a claim.