While it may be very exciting to portray the debate about the future of SIF as a battle between the Law Society and City firms – Law Soc surrenders over SIF (14 September) – the truth is far less entertaining.
The Law Society is open-minded about the future of professional indemnity pending the outcome of the consultation exercise. This will remain the case until the society's council has examined responses to the consultation and, in the light of these responses, decided how indemnity cover will be provided for the profession in the future.
The consultation was the largest and most comprehensive the Law Society has ever undertaken. The views of the whole profession were sought. The society did not push for a particular outcome.
The Law Society has made it clear, however, that choice for solicitors is one of the key features which should, if possible, be provided in any new indemnity arrangements. If we succeed in enabling a mutual fund to co-exist with approved insurers, that will be a triumph not a debacle.