Tag Results
Non-lawyer managers setting bar high for equity partners, survey finds
Wednesday, 10 May 2017Fee income per partner at larger firms soared last year from an average of £777,000 to almost £1.4m, a survey has found. Accountants MHA, who produce an annual benchmarking report, said the main reason was a fall in the number of equity partners at these firms, helped by an increase in profitable work.
Tags: Indemnity insurance, law firms
Posted in Finance, Indemnity insurance, Latest news
LSB declines to produce the “right” answer on indemnity insurance
Monday, 25 July 2016The Legal Services Board has shied away from recommending a single solution which all the legal regulators should follow on indemnity insurance. The LSB instead called on the regulators to work more closely together on the issue.
Tags: Bar Mutual, Indemnity insurance, Legal Services Board
Posted in Indemnity insurance, Latest news, Legal Services Act
Law Society and CLC clash on switching regulators
Monday, 18 July 2016The Law Society and Council for Licensed Conveyancers have clashed plans by the Solicitors Regulation Authority to make it easier for law firms to switch regulator. The society warned that clients could be left without proper cover.
Tags: Council for Licensed Conveyancers, Indemnity insurance, Law Society
Posted in Latest news, Other lawyers, Regulation, Solicitors
CLC seeks approval for solicitor-style indemnity scheme
Thursday, 26 May 2016The Council of Licensed Conveyancers has announced its intention to apply to the Legal Services Board to approve the introduction of a solicitor-style open market indemnity scheme. The move has triggered warnings that law firms may switch regulator from the Solicitors Regulation Authority to the CLC for the wrong reasons.
Tags: Council for Licensed Conveyancers, Indemnity insurance, Solicitors Regulation Authority
Posted in Latest news, Legal Services Board, Other lawyers, Regulation
CLC consults on open market indemnity scheme in bid to attract solicitors
Friday, 6 May 2016The Council for Licensed Conveyancers (CLC) is planning to introduce solicitor-style indemnity insurance arrangements, in a bid to make it easier for law firms to switch regulator. Embracing an open market scheme instead of a master policy would help “make a reality” of the “theoretical” freedom of law firms to change.
Tags: Council for Licensed Conveyancers, Indemnity insurance
Posted in Indemnity insurance, Latest news, Other lawyers, Solicitors
One in five law firms targeted by scammers in past year, Law Society research reveals
Friday, 29 April 2016More than one in five law firms have been targeted by scammers in the past year, Law Society research has revealed. Money was successfully stolen from client account in 8% of these cases. However the society’s annual indemnity survey found that average premiums paid by firms with up to 25 partners were down by 8%.
Tags: Indemnity insurance, Law Society
Posted in Indemnity insurance, Latest news, Regulation, Solicitors
Solicitor with “cavalier attitude to regulation” is struck off
Tuesday, 16 February 2016A sole practitioner who refused to close his firm after failing to find indemnity insurance has been struck off and ordered to pay £20,000 costs. The Solicitors Disciplinary Tribunal described Anthony Alabi as having a “cavalier attitude to regulation”.
Tags: Indemnity insurance, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in Latest news, Regulation, Solicitors
Leading unrated indemnity insurer withdraws from market
Wednesday, 3 February 2016Elite Insurance, one of only three unrated indemnity insurers of law firms and the only one based in Britain, announced yesterday that it is leaving the market. Elite cited increased risks of client account fraud and the government’s planned increase to the small claims limit as reasons for the move.
Tags: Indemnity insurance, Solicitors Regulation Authority
Posted in Indemnity insurance, Latest news
SDT unhappy with SRA again after finding that “misguided” partner did not act dishonestly over insurance
Tuesday, 15 December 2015The Solicitors Disciplinary Tribunal has again criticised the way the Solicitors Regulation Authority prosecuted a case against a solicitor, after deciding that a partner who had a “genuine but misguided” belief about the status of one of his employees had not acted dishonestly in what he told his insurer.
Tags: Indemnity insurance, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in Latest news, Regulation, Solicitors
Professional negligence warning over PI, commercial and family work
Tuesday, 8 December 2015Personal injury, commercial and family work will all fuel negligence claims against lawyers, insurance specialist BLM has warned in a white paper. It also predicted that a new source of claims could come from the “rapid pace of reform” in legal services, testing new systems and processes “to their limit”.
Tags: Indemnity insurance, personal injury, professional negligence
Posted in Indemnity insurance, Latest news
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Keeping the conversation going beyond Pride Month
As I reflect on all the celebrations of Pride Month 2024, I ask myself why there remains hesitancy amongst LGBTQ+ staff members about when it comes to being open about their identity in the workplace.
Third-party managed accounts: Your key questions answered
The Solicitors Regulation Authority has given strong indications that it is headed towards greater restrictions on law firms when it comes to handling client money.
Understanding vicarious trauma in the legal workplace
Vicarious trauma can happen to anyone who works with clients who have experienced trauma such as domestic or other violence, child abuse, sexual assault, torture or being a refugee.
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