In brief: SIF shortfall down to forecasting method

h The £248m shortfall in contributions to the Solicitors Indemnity Fund (SIF) is not due to a mathematical error but to a new “pessimistic” way of forecasting, according to David Ward, chair of the SIF review committee investigating the miscalculation which was announced in January. Ward was presenting an interim report to concerned Law Society council members last week. The SIF board is due to make a full report to the society's standards and guidance committee in April before contributions for next year are set in June. One option is to make up the shortfall through an increase in contributions of about 30 per cent running for a five-year period.