Law Society chief executive Janet Paraskeva is to hold talks with the trustees of the Society's pension fund early this spring to discuss their concerns about the potential impact of the Clementi review on the fund.

It has emerged that John Hayes, chairman of the trustee board and former secretary-general of the Society, raised the board's concerns about what would happen if, as a result of the review, the Society's power to raise finance was lost or limited.

The most recent valuation of the pension fund - carried out in December 2002 - showed an ongoing deficit of about 24 million, which would increase to 56 million on a buy-out basis.

In correspondence released to the Society's council, Mr Hayes said: 'Fundamentally, the trustee board cannot take the risk that, when any changes resulting from Clementi do take place, there are insufficient funds.'

In her response, Ms Paraskeva said the scope of the Clementi review is likely to become clearer next month with the publication of a consultation document.

The Law Society also expects to receive an updated valuation of the fund as at 31 December 2003 by the end of March.

At that point, she suggested that 'more focused discussions' should begin.

A Law Society spokesman added: 'In common with most other final salary or defined benefit schemes, the Law Society's pension fund has been adversely affected by the fall in the equity market.

We are reviewing the pension scheme, and our finance and resources board have asked for a full report no later than September this year.'