SRA Weighs Future Of Solicitors Indemnity Fund

By Ashish Sareen (August 3, 2022, 8:12 PM BST) -- The Solicitors Regulation Authority on Wednesday detailed potential future options for a statutory insurance fund that pays out to clients pursuing negligence suits against defunct firms long after they've shut down.

The SRA, the solicitors watchdog in England and Wales, is currently weighing options for the future of the Solicitors Indemnity Fund, which provides cover for negligence claims that are brought more than six years after a law firm has closed.

Solicitors are required by law to have professional indemnity insurance, which protects against the risk that clients will bring claims of negligence against them. Most policies are sold with a...

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