Lawyers’ body warns against abandoning compensation fund

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By Najiyya Budaly (February 16, 2022, 13:15 GMT) – The Law Society said on Wednesday that an insurance fund for historical negligence claims against lawyers should not be scrapped because ending the scheme would weaken protection consumers.

The independent professional body, which regulates solicitors in England and Wales, said it had joined forces with a consumer group, the Legal Services Consumer Panel, to oppose plans by the Solicitors Regulation Authority to abandon the Solicitors Indemnity Fund.

Lawyers are required by law to carry professional indemnity insurance, which protects them against the risk of clients suing them for negligence. Most policies are sold with a run-off clause…

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