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
Clyde & Co—Suriya Ashok
Clyde Co strengthens energy transition and construction offering with hire of Suriya Ashok
Jurit—Nicole Gallop Mildon
Jurit appoints rare dual-qualified lawyer to expand Anglo-French private wealth expertise
Twenty Essex—Thomas Hibbs, Jack Hollingworth & Sam Pearce
Three new tenants join Twenty Essex
NEWS
The Financial Reporting Council’s revised Audit Enforcement Procedure will alter the balance of power in corporate investigations
A telecoms operator may be able to hold over under the Landlord and Tenant Act 1954, yet still be unable to secure a renewal: an outcome described as a legal ‘paradox’
Safety fears do not automatically justify shutting an interested person out of a statutory will application
Consumer credit law is heading for its biggest shake-up in 50 years, with the Consumer Credit Act 1974 set to yield much of its detailed statutory machinery to FCA rules
The Supreme Court has settled a long-running dispute over part-time workers: unfavourable treatment need be a significant or effective cause, not the sole cause
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