SIF 'should repay'

Mine is rural two-partner firm which was set up in succession to a former practice in 1997.

Our annual gross fees are in the region of 160,000, a figure which may sound ludicrously small to City lawyers, but that's the way it is in general practice out in the sticks.

Nevertheless, for the past three years our Solicitors' Indemnity Fund contribution (before shortfall) has averaged 22,000 plus VAT.

I have argued that this cannot be right and that the risk of our causing a claim of 1m (given the nature of our work and the past record of myself and my partner) is far less than the risk from driving our cars (for which we each pay in the region of 250 per annum for fully comprehensive cover), but all to no avail.

Not surprisingly, therefore, we supported the move to the market.

We have received numerous quotes.

The most expensive was St Paul at 15,000, but the majority have been in the region of 7,000.

The lowest was less than 5,000, with a minimal excess.

This was from a major insurance company which has advertised extensively in the Gazette.

Opening up to the market seems to have borne out my argument.

I wonder, therefore, whether my partner and I are entitled to claim a refund from the SIF for the gross overpayments which they extracted from us over the last three years, which caused us serious financial hardship, and/or whether we should withhold payment to the shortfall.

Name and address withheld