The Law Society has Indemnity insurance as a requirement on all practitioners. This means if ths solicitor is negligent a claim can be made if the client suffers loss/damage. Fine this worked fine until Some Solicitors gave Promises (Undertakings) that they now cannot honour. Examples include undertaking to pay proceeds of sale from sale of property when completed to the Lending Bank.
What happens if the property does'nt sell? The bank look for the money and if undertaking is'nt worded correctly i.e. payment if and when there's a sale, the lender want someone to pay.
Claims have increased a lot and now a yearly premium of E20,000 PER SOLICITOR. is being forcast as next years premium-- about double the present rate whether you had a claim or not.
This will impact on single practitioners and may well force some to cease practise.
About Me
- Michael Monahan BA Solicitor
- Sligo, Co.Sligo, Ireland
- Michael Monahan is the principal of the firm. He covers all aspects of the Law. Graduated with B.A. in Economics and Politics U.C.D. In practise for 24 years in both Dublin and Sligo. He is an authorized Commissioner for Oaths for Swearing of Documents. Michael has a Diploma in Wills and Estate Management with the Society of Trust and Estate Practitioners and has completed a Diploma in Commercial Law with the Law Society of Ireland. Is a qualified NLP practitioner and Career Coach.
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