The 8 April Gazette contains the president’s invitation to submit suggestions as to how the Law Society could help solicitors. Here is mine.
In the same issue the Gazette reports that more law firms are ignoring Law Society warnings about the dangers of taking out professional indemnity insurance (PII) policies with unrated insurers. The chief executive of the Society says that firms should consider the financial security of insurers. The fact is that few law firms are equipped to make a meaningful assessment of this kind.
Solicitors are required to take out PII with a qualifying insurer – that is, an insurer which has entered into an agreement in such terms as the Law Society may prescribe. In my view the Society should take responsibility for assessing the financial strength of insurers and prescribe appropriate terms accordingly. The result would be to eliminate a source of worry for 10,000 firms of solicitors.
Ronnie Fox, principal, Fox Solicitors, London EC3