Roger Flaxman explores the decline of the Solicitors Indemnity Fund and whether it will be sustained.
In 2006, the Law Society deemed it would provide the Solicitors Indemnity Fund (SIF) with extra protection until 2017. The SIF extension is now until 30 September 2022, but will there be anything to replace it thereafter?
Is it needed, proportionately, according to the risk? In light of nearly 50 years of the best statistics available to any single profession, other than doctors, is it now a good time for the solicitors’ profession to review the entire insurance and insurability process for solicitors against the experience history has provided?
The origins of mandatory PI
When the Law Society was first required in the 1970s to introduce mandatory insurance of solicitors, the world was a more peac...
“The public… caught on to the fact there was money to be had from solicitors whose services didn’t meet… expectations; and they were claiming it.”
