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Retired solicitors band together amid SIF closure ruin fears

The
Gazette has been contacted by practitioners concerned about the closure of the Solicitors Indemnity Fund from the end of September. The closure of the fund effectively means any solicitor facing a negligence claim outside of their six-year run-off will not be covered, unless they have taken out extra insurance.
The fund, established by the Law Society in 1987, is currently run by the Solicitors Regulation Authority. According to the most recent accounts, the SIF had net assets of £22.48m at 31 October 2020, with around 200 cases ongoing.
Andrew Stovin, a retired solicitor from St Albans, is coordinating a group of former practitioners demanding to know what will be done with the surplus and what more action can be taken to protect people or their dependants from historical claims. ....

Andrew Stovin , Solicitors Regulation Authority , Law Society , Solicitors Indemnity Fund , Solicitors Regulation , வழக்குரைஞர்கள் ஒழுங்குமுறை அதிகாரம் , சட்டம் சமூகம் , வழக்குரைஞர்கள் இழப்பெதிர்காப்புப் நிதி , வழக்குரைஞர்கள் ஒழுங்குமுறை ,

Retired solicitors bond amid SIF closure fears

Former practitioners form support group as they consider how best to respond to threat of being held liable for historical negligence claims. ....

Andrew Stovin , Solicitors Regulation Authority , Law Society , Solicitors Indemnity Fund , Solicitors Regulation , வழக்குரைஞர்கள் ஒழுங்குமுறை அதிகாரம் , சட்டம் சமூகம் , வழக்குரைஞர்கள் இழப்பெதிர்காப்புப் நிதி , வழக்குரைஞர்கள் ஒழுங்குமுறை ,

Retired fear ruin when SIF closes

Retired solicitors say they are living in fear of historical negligence claims landing on their doorsteps, as the backstop for protecting them draws to a close.
The Solicitors Indemnity Fund is set to close from September – a move delayed by a year previously – as the safety net for claims against a firm dating past the six-year run-off date is whipped away.
After a law firm closes, run-off cover must be purchased to protect solicitors and their clients if a claim arises because of negligence. The SIF has been dubbed as a ‘sleep easy’ clause as it protects retired solicitors – or potentially their estates – from historical claims. ....

Frank Maher , Solicitors Regulation Authority , Law Society , Solicitors Indemnity Fund , Chancery Lane , Legal Risk , வெளிப்படையான மகேர் , வழக்குரைஞர்கள் ஒழுங்குமுறை அதிகாரம் , சட்டம் சமூகம் , வழக்குரைஞர்கள் இழப்பெதிர்காப்புப் நிதி , சான்சரி சந்து , சட்டப்பூர்வமானது ஆபத்து ,

Retired solicitors fear ruin when insurance safety net closes

Retired solicitors say they are living in fear of historical negligence claims landing on their doorsteps, as the backstop for protecting them draws to a close.
The Solicitors Indemnity Fund is set to close from September – a move delayed by a year previously – as the safety net for claims against a firm dating past the six-year run-off date is whipped away.
After a law firm closes, run-off cover must be purchased to protect solicitors and their clients if a claim arises because of negligence. The SIF has been dubbed as a ‘sleep easy’ clause as it protects retired solicitors – or potentially their estates – from historical claims. ....

Frank Maher , I Stephanie Boyce , Solicitors Regulation Authority , Law Society , Solicitors Indemnity Fund , Legal Risk , வெளிப்படையான மகேர் , நான் மாற்றாந்தாய் பாய்ஸ் , வழக்குரைஞர்கள் ஒழுங்குமுறை அதிகாரம் , சட்டம் சமூகம் , வழக்குரைஞர்கள் இழப்பெதிர்காப்புப் நிதி , சட்டப்பூர்வமானது ஆபத்து ,