Cover Charge

Solicitors’ mandatory professional indemnity insurance has never been more competitive, nor the claims environment more benign. So why are solicitors and brokers still losing sleep over PII? Eduardo Reyes, Features Editor of The Law Society Gazette, reports from the latest Gazette roundtable discussion.

CLC Managers and Owners Conference

Our risk management partners, Financial Eye, attended the recent Licensed Conveyancers conference in London. We thought you would be interested to read Financial Eye’s review of the topics discussed at the meeting.

May highlights importance of legal services in vision of Britain’s industrial future

The Law Society reported that the legal sector is worth £25.7 billion to the economy, contributing £3.6 billion to net exports and supporting an estimated 370,000 jobs. Every 1% growth in the legal sector results in the creation of 8,000 jobs, while an additional £1 of turnover stimulates £1.39 in the rest of the economy. In 2015, the legal sector grew by 8%.

Legal Sector Key to the UKs economic strength

The Law Society submitted its latest thinking on Brexit and the Law to the Department for the Exiting the European Union and the Ministry of Justice. The Law Society President Robert Bourns said: “As the UK legal sector underpins the success of the UK economy, it is vital we get the future relationship with the EU right.”

Understanding the role of the COFA – personal liability

A compliance officer who ‘fundamentally misunderstood his obligations’ was fined £7,500 and ordered to pay costs of £2,250 by the Solicitors Disciplinary Tribunal and banned from being a COLP or COFA, after being in post for just one year.

The SRA COLP / COFA Conference

Our Risk Management partners, Financial Eye, attended the annual COLP/COFA conference this month in Birmingham along with 1,200 other delegates. Many topical and relevant subjects were on the agenda and the following is Financial Eye’s report of the day’s proceedings.

Hera Indemnity registered as a Lloyd’s Broker

Lloyd’s is the world’s specialist insurance and reinsurance market, bringing together an outstanding concentration of underwriting expertise and talent. It is often the first to insure emerging, unusual and complex risks. Around 80 syndicates underwrite insurance at Lloyd’s, covering all classes of business. Together they interact with thousands of brokers daily to create insurance solutions for businesses in over 200 countries and territories around the world. Lloyd’s insures the majority of FTSE 100 and Dow Jones industrial average companies. Lloyd’s enjoys strong financial security supported by excellent ratings. Patrick Bullen-Sm [...]

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