The Law Society is urging the SRA to extend the run-off cover
scheme managed by the Solicitors Indemnity Fund for another three
years beyond its expiry in 2017.
Law Society chief executive Desmond Hudson said:
'We are keen to work with the SRA on this matter, which is of
paramount importance to retiring solicitors. Any solicitor retiring
this year or in the future will have to foot the bill themselves
should a claim emerge beyond 2017 after their six year contractual
cover expires. A three year extension will give retiring solicitors
some peace of mind in what are for many, uncertain times.'
Read our guide to run-off cover