The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The Solicitors Indemnity Fund (SIF) has reported an accumulated surplus of £54.5m.
The news comes almost five years after SIF was put into run-off, following the discovery of a significant shortfall in the fund. Since 1 September 2000, law firms have had to buy professional indemnity insurance on the open market, creating a fall in premiums.
SIF chairman Paul Marsh said that a reinsurance programme, known as an Adverse Loss Development Programme, is shortly to be put in place to cover any future adverse development to SIF’s book of business.
Once this is finalised, some of SIF’s surplus will be released back to the Law Society.
The fund currently oversees claims dating from before the run-off date, as well as the Assigned Risks Pool for those firms which cannot find insurance on the open market.