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Law Society Compensation Fund

  • 22-09-2010 9:17pm
    #1
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭


    The Law Society operate a Compensation scheme to compensate those who have suffered financial loss through the fraudulent / dishonest behaviour of ' rogue ' solicitors , all Solicitors pay an annual charge to maintain this fund.
    I have 2 questions - can a financial institution (e.g. a bank ) claim from this fund or is it only open to ' ordinary ' citizens ?
    Also , over the last year or two there have been some well-publicized cases of fraud by solicitors and in all probability there will be more - what would happen if the fund were to be drained of money by claims ? Would the Law Society just jack up the charges to cover shortfalls ?


Comments

  • #2
    maidhc
    Registered Users, Registered Users 2 Posts: 7,722 ✭✭✭maidhc


    I don't know the answer to your question regarding the compensation fund, but most claims by banks and clients alike would be against the solicitor's insurers. And premiums have gone through the roof as a result of these claims.


  • #3
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    It was my understanding that a Solicitors insurance did not cover against fraud/dishonesty , it only covered errors, negligence , etc.
    I thought deliberate fraud could only be compensated by the Law Society ?


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