Refusal by the Solicitors Indemnity Fund to accept notifications of potential claims could be “catastrophic” for retired solicitors, a specialist in professional regulation and insurance has warned.
Partners and fee-earners in law firms which have closed should give “careful thought” to buying additional run-off cover to protect them when the Solicitors Indemnity Fund closes next year.
The High Court has struck out a claim for professional negligence, breach of contract and fiduciary duty made against a central London law firm which was based on “incomprehensible pleadings”.
There are powerful reasons why the SRA and Law Society could reverse their positions respectively in favour of and against reform of professional indemnity insurance, it has been claimed.
A new professional indemnity insurer is claiming to be the first to offer well-run law firms “direct financial rewards” – such as a full premium rebate in a firm’s fourth year if it remained claims-free.
The professional indemnity insurance is challenging for renewals this year, but firms can help persuade jittery underwriters of their case for cover by showing that they have taken steps to mitigate risk.
The High Court has found national law firm Gateley negligent in its advice to the owner of land in Nottingham that led to him missing out on some of the profits from its redevelopment.
The High Court has ordered Cardiff-based Hugh James to pay six-figure damages to the family of an asbestos victim for professional negligence in abandoning their personal injury claim.
A married couple has largely failed in a claim of negligence against a firm of solicitors which had admitted that it failed to advise properly on a separate negligence case against another law firm.
The High Court has thrown out a claim that two law firms and three solicitors were responsible for two allegedly fraudulent transfers of a property.