Indemnity insurance
Two-thirds of firms saw PII premiums rise amid concerns over BME treatment
Nearly two-thirds of law firms saw their professional indemnity insurance (PII) premiums go up last year, Law Society research has found. The survey of 240 law firms also found evidence of “a growing divide in the PII market”, with smaller firms and black and minority ethnic (BME) firms finding renewal tougher than the wider profession.
Protect and serve
Jim Watson, managing director of data destruction service Shred Easy, and Daniel Berke, a fraud solicitor at Lewis Hymanson Small in Manchester and London, look at data protection among law firms and discuss the recent decision to allow the Information Commissioner’s Office to levy fines of up to £500,000 to organisations which seriously breach the Data Protection Act.
ARP firms “fail to pay £5.8m of premiums”
Law firms currently in the assigned risk pool (ARP) have paid just 22% of their insurance premiums, while insurers are rapidly increasing the reserve for claims these firms may cause, it has emerged. The 262 firms currently in the ARP were liable for £7.5 million in premiums – both record figures – of which just £1.7 million has been paid.
Law Society urges Quinn firms to hold nerve after broker warns over fresh cover
The Law Society has told the 2,911 law firms which have their professional indemnity insurance with Quinn that they do not need to take action at the moment, despite a warning that they may have to seek fresh cover within four weeks of the company’s provisional administration being confirmed.
Shah v HSBC – “an invidious position”
Duncan Finlyson of Lawyers Defence Group considers the implications of a recent Court of Appeal ruling that allows the court to reopen the decision to report suspicions of money laundering.
Bad points are a “good reason” to terminate retainer, says Court of Appeal
A solicitor has good reason to terminate a retainer if a client insists on putting forward a case and instructing counsel to advance contentions that they do not consider properly arguable, the Court of Appeal has ruled.
Law firms face financial management duty
There should be a new core duty on financial management, along with requirements that firms disclose financial problems to their regulator, in the Solicitors Code of Conduct, the SRA has been advised.
Blog
The hidden risks in client account reconciliations
The client account reconciliation process will be second nature to most people in legal finance – and so is also a potential area for a problem to be undetected until it becomes serious.
Mentoring the next generation of litigation leaders
As a female lawyer, from the North, with a state school education, I understand the value of sharing perspectives, experiences and contacts.
The cost of systemic failure and childbirth injuries
Recent reports show that the NHS has paid almost £3.5bn in medical claims around childbirth injuries over the past six years.
