Lawyers' Group Blasts Legal Watchdog Over Insurance Rules
Law360, London (June 5, 2019, 4:13 PM BST) -- A trade organization representing British solicitors on Wednesday panned a U.K. regulator's decision to sign off on new liability insurance rules for freelance lawyers, saying the watchdog has taken a "lax approach to regulation."
The Law Society of England and Wales accused the Legal Services Board of rubber-stamping plans to change the amount of professional indemnity insurance freelance solicitors must have, saying it's unclear how the regulator made its decision.
Freelance solicitors must have indemnity insurance “adequate and appropriate” to the level of financial risk they could face under the new rules, which are a cornerstone to plans by the Solicitors Regulation Authority...
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