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[Update: link to report now included] The ongoing travails of the Irish legal profession is a subject of minority interest and, perhaps, one which I have already devoted too much time to. Nevertheless, the 2009 annual report of the Solicitors’ Mutual Defence Fund Limited arrived in this morning’s post and, to throw some further light … Continue reading SMDF 2009 annual report shows €14.3 million investment loss
The slow and painful collapse of the SMDF continues to surprise, if not delight. Today, a letter from the Chairman of the SMDF raises more questions than it answers. Three sentences jump off the page: We embarked on a strategic review during 2010, with the assistance of significant outside expertise. It was recommended that we provide indemnity … Continue reading What?!
I’ve been blogging about the legal profession’s own private economic crisis since January 2010 but haven’t had time lately to write any updates. Luckily, Flor McCarthy has an excellent blog post on the recent developments. He accurately sums up the frustration felt by many solicitors on the issue: So for as long as the music … Continue reading Aftershock: legal profession
I have enjoyed working on this blog for over a year now and have reached the hundredth post. In the time-honoured tradition of marking such milestones with lazy lists, here are the 10 most popular posts so far: Marriage by default and the Civil Partnership Bill 2009 Regional papers got that regional knowledge, right? Graduated response now … Continue reading #100
[Updated] This time last year was not a happy one for many solicitors, with huge uncertainty in the insurance market delaying renewals. Insurance must be in place on 1 December 2010 and it seems that this year the market has been calmer, though many solicitors apparently have not been able to renew yet. Publicly, at … Continue reading Unclear whether solicitors’ PI insurance storm has passed
Solicitors in the UK appear to be going through a similar insurance crisis to that which hit their Irish colleagues last year. The Lawyer reports that this year’s renewal process, now in its final stages, will be “tougher than ever.” Ironically, it seems part of the difficulty has stemmed from the Irish Financial Regulator’s administration … Continue reading Another storm brewing for the legal profession?
The solicitors’ profession faced a situation in late 2009 which was not dissimilar to that faced by the Irish banking sector in September 2008. I wrote about it in January 2010, outlining the chain of events that led to the Law Society guaranteeing a commercial loan to an insurance broker. The guarantee was conditional on the … Continue reading DoJ documents on solicitors’ insurance silent on bailout by Law Society
I wrote in January about the Law Society’s secret arrangement to guarantee a loan in favour of a private insurance company, the SMDF, to make up for huge losses suffered by that company as a result of a disastrous investment. The Society has now released its 2009 financial statements and only one, brief reference is … Continue reading Paper losses don’t bother the Law Society
I wrote previously about the professional indemnity insurance crisis that hit the solicitors’ profession in late 2009. The solution adopted was a guarantee by the Law Society in favour of a specialist insurance broker, the SMDF. Before the deadline for renewal of insurance, many speculated that the crisis was a result of the economic turmoil … Continue reading Law Society council ensures it can proceed without financial restraints
In late 2009 the Law Society bailed out a specialist insurance broker which provides cover to about 60% of solicitors in Ireland. The guarantee resulted from a crisis not unlike that which led to the Government bank guarantee in 2008. It caused a significant hike in premiums and was a contributing factor in the closure … Continue reading Law Society follows emergency guarantee fashion
