You are here

Should there be a single indemnity scheme?

The suggestion by the Consumer Panel that there should be a single professional indemnity scheme for all lawyers is reasonable enough but needs further evidence to be wholly convincing, says Graham Reid

5 July 2013

The Legal Services Consumer Panel's report on financial protection arrangements published on 10 June 2013 could not have arrived at a more appropriate moment: the annual professional indemnity (PI) insurance renewal season starts and an unrated solicitors' insurer loses its licence.

Consistent with its remit, the panel's report is focused on the consumer perspective, encompassing the entirety of the financial protection arrangements for lawyers' clients, across all legal services regulators, and including both PI insurance and compensation funds.

This unique perspective may have enabled the Consumer Panel to make ?its most radical proposal: that there should be a single entity overseeing financial protection across the entire legal services sector, "setting minimum terms and conditions applicable to all legal ?advisors purchasing professional indemnity insurance."

Glimpse of the future

While this recommendation was caveated w...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.