Law Society compensation fund halved due to claims

The Law Society’s compensation fund has almost halved in value because of the number of claims against solicitors.

3rd January, 2009

The Law Society’s compensation fund has almost halved in value because of the number of claims against solicitors. The fund held €27.6 million at the end of 2007, but 420 claims were received during the first seven months of 2008, amounting to €13.4 million. By the end of last July, the net value of the fund had halved to €15 million. As a result, solicitors are facing a huge increase in premiums for practice insurance....

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