Remember the Solicitors Indemnity Fund (SIF)? Every firm contributed at varying levels according to turnover and claims history and were entitled to £1m cover in return, writes Philip McCormack, associate at RPC, in NLJ this week. As the current compensation fund appears to be paying out more than it takes in, recent proposals for a 50% cut to the practicing certificate levy may not be the “most prudent move”, he suggests, but there could be an alternative—a tiered fund similar to SIF.
13 November 2014
Groundhog Day for funding compensation?
MOVERS & SHAKERS
Signature Litigation—Catherine Naylor
International fraud and asset recovery offering boosted by partner hire
Stevens & Bolton—Alexa Payet
Private wealth disputes team adds contentious probate specialist
Morgan Lewis—Paul Feldberg
Firm strengthens investigations and sanctions capabilities with London partner hire
NEWS
Cheshire West, which established an ‘acid test’ for deprivation of liberty safeguards, has been overturned by the Supreme Court
The Chancery Division and other segments of the High Court are to be replaced by a new Business and Property Division (BPD), in a major civil justice shakeup
Law firms that hold client money will need to file annual accountants’ reports and make a declaration, the Solicitors Regulation Authority (SRA) confirmed this week
Two district judges and a tribunal judge have been sanctioned for delays in delivering judgments and orders
Private equity (PE) investment into UK law firms halved to £250m last year, but deal volume rose, according to research by Acquira Professional Services’ Momentum private equity market tracker
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