Solicitors’ professional indemnity insurers paid out around £2bn due to negligence claims in the 10 years to 2014, startling new figures released yesterday by the Solicitors Regulation Authority revealed. The regulator said that around 142,000 claims were made in that decade, one in five of which was successful.
An ex-solicitor has been found guilty and jailed for five years for five counts of fraud by false representation after he hijacked a law firm’s identity – his second spell in jail for fraud after he previously stole from his own firm’s client account. The conviction came at the end of an 11-day trial.
Placing law firms’ complaints data and insurance claims in the public domain are among the “initial ideas” published today by the Solicitors Regulation Authority to improve transparency in the legal market – but it is not currently planning to mandate firms to publish prices.
Legal Futures Blog
I visit a lot of different businesses in the course of my job – both law firms and other types of organisations. This gives me a unique opportunity to compare how the legal sector is shaping up against the commercial world in how they welcome visitors to their business, and it’s fair to say that those that go the extra mile certainly stand out.