News
Latest on risk management, professional indemnity and compliance issues. Last updated 10 August 2010.
For money laundering news, go to Money Laundering News Page.
Solicitors’ Indemnity Insurance Rules 2010
Changes to the Solicitors' Indemnity Insurance Rules and the Minimum Terms and Conditions of Cover from 1 October 2010 can be viewed here >
Professional Indemnity Practice Note
As renewal season approaches, the Law Society have issued a Practice Note on Professional Indemnity Insurance (8 June 2010), which outlines the current market, advice on applying for PII and dealing with related issues.
New Code of Conduct - Consultation and Draft Code
The Solicitors Regulation Authority (SRA) has launched a consultation on the new draft Code of Conduct. The draft reflects a move to Outcomes-Focused Regulation (OFR). The new Code is intended to come into force on 6 October 2011, the same day as the provisions of the Legal Services Act permitting Alternative Business Structures.
Note that the alternative models for the new Conflicts Rule appear in the Consultation Paper and not in the draft Code. See also the SRA's introduction to Outcomes-Focused Regulation.
Quinn Insurance
The latest update on Quinn Insurance can be viewed here >>
The Law Society has issued a Practice Note on Insolvency of a Qualified Insurer (25 May 2010).
We have advised several firms in relation to Quinn and we report on concerns and consequences in the May issue of Risk Update.
Report on the Future of Legal Services: Expert Analysis
Managing Partner’s new report on The Future of Legal Services features a collection of views and predictions on how market trends and regulatory changes are shaping the future of legal services.
Not only do the contributors reveal their visions for the future of the law firm and the ‘new world’ of legal services, but they provide expert advice on how to tackle the foreseeable challenges and opportunities.
Contributors include:
- Lord Hunt of Wirral, author of the Hunt review on the regulation of law firms
- Robert Heslett, President of the Law Society
- Tony Williams of Jomati Consultants LLP
- Sir Nigel Knowles of DLA Piper
- Frank Maher of Legal Risk LLP
Download the table of contents and introduction here.
To order a copy from the publishers, Ark Group, click here. Price £295 (plus £7.50 p&p).
For an exclusive £70 discount until 10th March 2010, call 020 7566 8203 quoting code RM-F7 to place your order.
Referral arrangements - self audit compliance tool
Legal Risk LLP has launched an online self-audit tool to help law firms meet the SRA crackdown on practices breaching the referral rules. Our database of Solicitors Disciplinary Tribunal decisions involving referral breaches records average fines of £10,500 and costs of £7,738. (Figures cover the period to the end of August 2008 and include cases where there were other charges.)
‘Desktop’ is a unique product enabling firms to test their compliance for £350 plus VAT - less than the cost of a referral fee in most cases. Read press release > For further details contact info@legalrisk.co.uk.