Closure of the Solicitors Indemnity Fund – Register for updates

ARTICLE

Closure of the Solicitors Indemnity Fund – Register for updates

A message to retired solicitors or those who have recently closed their practice or are considering to do so, from Nick Gurney- Champion, chair of The Law Society’s Professional Indemnity Insurance Committee

By now you are hopefully aware that the Solicitors Indemnity Fund is scheduled to close to new claims at the end of September this year.

In response to lobbying from the Law Society, the Solicitors Regulation Authority (SRA) decided to delay the closure of the Solicitors Indemnity Fund (SIF) for a year. SIF has provided ongoing protection to solicitors and their clients following the end of a closed firm’s mandatory six year run-off period, but it is now scheduled to close to new claims on 30 September 2021.

This is an important issue for current and former principals of law firms, who may become personally liable for claims arising on or after 1 October this year.

To ensure that you are kept up to date with developments around this issue, register for a My Law Society account as a retired solicitor.

Alternatively, you can register your interest in receiving further information by calling our Support Centre on 020 7242 1222 and leaving your contact information, or simply by e-mailing our special closure of SIF e-mail account: SIF@lawsociety.org. uk which will record your e-mail address for inclusion in future updates.

I would also ask that you please pass this message on to any former colleagues or employees who you are in touch with and are likely to be affected by the closure of SIF, and encourage them to register as well. The Law Society does not always have up-to-date contact information for solicitors who have left the profession, so your assistance in spreading this message is crucial. The closure of SIF could affect anyone whose firm closed on or after 1 September 2000. ■