13 November 2014
Remember the Solicitors Indemnity Fund (SIF)? Every firm contributed at varying levels according to turnover and claims history and were entitled to £1m cover in return, writes Philip McCormack, associate at RPC, in NLJ this week. As the current compensation fund appears to be paying out more than it takes in, recent proposals for a 50% cut to the practicing certificate levy may not be the “most prudent move”, he suggests, but there could be an alternative—a tiered fund similar to SIF.
