Solos in panel failure

Sole practitioners who cannot get on lenders' panels should leave the field and 'reshape their practices' rather than continuing to fight a battle they will not win, CBI director-general Digby Jones told S2K delegates.

Mr Jones, a one-time partner at what is now Hammond Suddards Edge, spoke after Peter Williams, chairman of the Sole Practitioners Group, attacked the 'arbitrary exclusion' of his members from panels.

Mr Jones told the plenary debate of 'the big issues' facing the profession: 'If I was one of the big building societies, insurance companies or banks and had my fingers burnt, I wouldn't use them now.

The damage is done - no matter how unfair or sad it is, it's a fact of life.'

He later told the Gazette that sole practitioners should concentrate on an area of law in which they excel and then 'exploit the niche'.

Law Society Vice-President David McIntosh revealed to delegates that there was currently some 'very stern' correspondence on the issue between the Society and a major lender.

'It may lead to very strong positions being taken,' he said.

However, Bristol sole practitioner Richard Harris said the situation is 'not lost'.

The Bank of Scotland has recently reinstated sole practitioners to its panel, he said, while on-line bank Egg will be doing so by the end of the year.

Speaking at a later session on practice in the 21st century, top City solicitor Ronnie Fox said: 'In ten years' time, there will not be many solicitors doing residential conveyancing.

The public will be doing it themselves on-line.'

Neil Rose