Financial Eye, our risk management partners who work closely with the legal profession, have always been dedicated in advising the profession that the SRA will take a tough stance against firms who are not proactive in protecting client monies and assets. To illustrate this the SRA recently issued a rebuke where a firm was subject to a cyber-attack which resulted in client monies being diverted to fraudsters.
Welcome to NewsBrief. Below you will see our latest published news, guides, e-bulletins, videos and webinars to download and view online.
In The Law Society’s 2016-17 PII Renewal Research report, undertaken by Mustard Research, the number of law firms who contacted Hera Indemnity for PII rose by over 25% and the numbers who actually found cover with the firm by over 50%, positioning it third in the table of brokers most used by law firms in terms of policies placed
Nicola Laver investigates in the June issue of the CILEx Journal how law firms can satisfy their insurers that their cybersecurity and anti-commercial crime strategies are robust.
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.
Business planning is a key focus of the Financial Eye team working with the legal profession, and the following report is an excellent example of their expertise in this area.
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.
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%.
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.”
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.
Legalex has become an important date in the diary for all involved with the legal profession and for the third year running Hera Indemnity will be exhibiting.