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Fiona

I have been following the SRA Shenanigans with the balance of the SIF fund for some time since I am a retired sole practitioner with run off cover that expires in 2020 (good timing, what!).

I think it is quite outrageous that retired sole practitioners should be thrown to the wolves without any apparent regard by SRA. It fits however with my view that SRA just don't like sole practitioners, deeming them both unnecessary and a danger to the profession. Admittedly I have not looked at the figures, but it seems to me from press reports over the years that the large negligence claims all come from larger firms and of course the reason for not continuing the SIF fund is that SRA are directing the money to bolstering their coffers to deal with the huge firm failures, where it seems, whether through recklessness or perhaps even malice aforethought, partners in such failed firms have drawn out considerable funds without regard to business efficacy and then left SRA to pick up the pieces. To allow such things to occur in the first place surely brings the profession into far greater disrepute than anything a sole practitioner might have done. Previously that is, but imagine the effect upon the profession's reputation once, as you say, the public get wind of the fact that they may not be able to rely upon the indemnity insurance policy, touted as the strongest reason to consult a solicitor in the first place. I agree that this, together with a reduction in the compulsory levels of cover, are a shambles

Whilst on the subject of the "profession" I am afraid I sadly take the view that we are no longer a profession, but a business and with some of the costs claims now seen, it seems lawyers are out for all they can get regardless of the plight of the client. As you say the public at large now don't really like us and only come to solicitors because they are forced to. I am now at the stage of thinking that I am glad I am not practising regularly as a solicitor, although I still do some consultancy work, for my old clients who simply wouldn't contemplate any one else handling their work.

So, to come back to your letter and the problems that the winding up of SIF will cause. I attended an AON conference earlier in the year hosted by the Law Society where it was confirmed that it is definite that SIF will close in 2020. Insurance firms are working on additional run off cover policies, but it is likely they will run from year to year. So after the initial run off policy expires (6 years - or possibly reduced to 3 years if SRA have their way), there will be an annual renewal. No one yet knows what the premiums are likely to be, but one think that we all know is that it will be a bitter pill to swallow and make a considerable dent in the retirement pension. It's either that or change your name and go abroad!

Sad days
Regards
David Barton