SRA weighs future of lawyers’ compensation fund

By Ashish Sareen (August 3, 2022, 8:12 p.m. BST) – The Lawyers Regulatory Authority on Wednesday detailed potential future options for a statutory insurance fund that pays clients pursuing negligence claims against firms that have disappeared long after their closure.

The SRA, the watchdog for solicitors in England and Wales, is currently weighing options for the future of the Solicitors Indemnity Fund, which covers negligence claims brought more than six years after a practice closed lawyers.

Lawyers are required by law to carry professional indemnity insurance, which protects against the risk of clients bringing negligence claims against them. Most fonts are sold with a…

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