Liverpool Law Society (LLS) strongly encourages individuals and firms to respond to this SRA consultation paper that closes on 15th February 2022. LLS is also going to submit a response.
There are three questions we would like to put to our members which would help us to complete the paper:
1. We are interested in any examples that members may be able to provide of long-tail claims, that arise more than six years after a firm has closed. Some anonymised, real-life examples would be helpful to illustrate the kinds of consumer losses that might go uncompensated in the absence of SIF. Please let us know below if you have examples.
2. Can you provide details of legal services which may no longer be provided by you if there is no post-six-year run-off cover?
3. Can you provide examples of the types of clients/consumers which are likely to be impacted as a result?
Please send in your answers to the above three questions to email@example.com
This is an issue that not only affects the public and retired solicitors, but also those in practice in partnerships right now.
View the SRA consultation paper on PSYROC/SIF here.