Following consultation on the future of post six-year run-off cover, the Solicitors Regulation Authority (SRA) has announced that it will seek a further 12-month extension to the Solicitors Indemnity Fund (SIF) - to September 2023 - to enable detailed consideration of key points raised in feedback.
As you know, the Law Society has been lobbying hard on the issue of SIF/ post six-year run-off cover for years, and we are delighted that further postponement has been achieved. It is also, of course, due to the diligence and commitment of those Local Law Societies who penned their own responses to the SRA’s consultation – this combined effort saw more than 330 formal responses submitted and direct engagement with the SRA by around 3,200 people.
The majority of respondents did not support the SRA’s preferred option of ending the requirement for PSYROC.
Key themes in the feedback included:
recognition that although the number of post six-year claim volumes are relatively small, the potential impact on individual consumers could be significant if no protections are in place
that law firms and solicitors have expressed that they are willing to contribute toward funding any future arrangements
that the cost of funding any future arrangements, if passed on to individual consumers, would be minimal from their perspective
that there is a risk that future post six-year claims may be volatile, not always remaining low, which could affect future funding requirements
Just to remind members that from Monday 4 April all damages claims that fall within the scope of Parctice Direction 51 ZB must be issued online using the damages claims portal on MyHMCTS.
HMCTS launched the civil dmages claims service in May 2021. The pilot was supported by a new practice direction (PD 51ZB)From 4 April users wishing to issue a claim that is covered by PD 51ZB are required to:
HMCTS will be reviewing the response journey for claims between March and August 2022. If you have feedback you would like us to raise with HMCTS please email hmctscourtreform@lawsociety.org.uk
There is still time to book your place at our next Manchester Professionals' Dinner Club which will take place at Masons Restaurant on 25th April 2022.
Join us for a delicious three course meal and an evening of informal networking.
The details: Date: Monday 25 April 2022 Time: 18:00 to sit down at 18:30 Venue: Masons Restaurant, Ground Floor, Manchester Hall, 36 Bridge Street, Manchester M3 3BT Cost to attend: £40.00 + VAT (£48.00) The price includes a welcome drink, three course meal and half a bottle of wine or soft drinks
Alternatively you can book your place by emailing CarlaJones@manchesterlawsociety.org.uk with the names, email addresses and menu choices of your guests.
By booking a place at this event you are agreeing to our terms and conditions details of which can be found here.
A curious shift in expectations has emerged. People used to go to the office to work. Everything we needed was there. But now, everything we need is at home.
At the height of the pandemic, clients were no longer allowed to visit the office. Property viewings were prohibited. When viewings were allowed, they had to follow strict safety protocol. Anti-Money Laundering (AML) processes still needed to be done, but at a distance.
Most of us still expect to move back to the office at some point, even if only part-time. But do we want to? What are the motivations for moving back to the office?
The only thing we seem to miss is the other people. A recent McKinsey study listed the top reasons people value the office:
Feeling included with relevant policy and procedural updates
Communication breakdowns when working from home
Anxiety due to poor communication
Notice none of these are specifically to do with daily tasks, but about a sense of belonging within the company.
The advantages of working from home for residential real estate professionals
Increased productivity – Law firms are busy places, bustling with clients and co-workers. Working from home can provide a quieter environment to concentrate on work.
Flexibility – We all want more flexibility. With lawyers no longer tied to an office, they can work flexible hours during the day or even at weekends to meet client demands.
Appeal to new talent – Law is competitive. Many firms are now offering working from home to get a competitive advantage over those that don’t.
The work/life balance – Staff that used to commute can now use that time for other things. This might be a longer walk for the dog in the morning or having an extra half hour with the children when they come back from school.
As law firms start to weigh up the value of the office, they need to consider the advantages and disadvantages for their staff as well as their business model.
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