Law Society Pays €1m a Year+ next 15 years - Insurance Fund

What a mess the likes of Lynn have left for the foreseeable future

irishtimes.com/newspaper/ire … 78713.html

This fund will effectively insure nobody over that time but will spend the next 10-12 years working off a tail of €14-15m of losses.

Got a letter from Larry today !
That still has to get past a meeting on the 3rd of May.

Unfortunately there are so many locked into the SMDF in one way or another -Larry (Shields) & Co may well get their bail-out.

My own letter addressed to Larry about PII, now a few years old still awaits an answer.

They took the premia and invested them in fucking bank shares. Pure genius. The Legal Profession’s main insurer. Our own little Anglo-Irish !

We await the result of the ding-dong in the High Court between MOPs (Chairman Dr., Sir Anthony, Kiss-me-arse O Reilly) and LK Shields Solicitors as to who did and said what in the matter of Mr. Lynch’s non-recourse loans.
Classic !

It really is very difficult to watch such really nice people suffer so. Surely a society that calls itself humane would step in and provide some relief.

Injection or humane killer? :smiley:

@LL, who will it affect most? The big firms or the small ones?

Small naturally. The majority of sole practitioners are clining on by their fingernails.

A lot of bright young things who qualified in recent years -the majority of them women have nowhere to go - except practice under their own name. The cost of PII which has gone through the roof because ot the tossers who played the property game has crippled people. The attempts by the Law Society to raise revenue by additional convoluted CPD requirements, just adds to the mix. The big Dublin practices grow fat on NAMA and other corporate work and the Council of the Law Society dines on regardless from our practiisng cert fees !

Just look at how many ‘well set-up’ practitoners of the FF variety who have cut and run even for a seat on the District Court bench ! A defined pension in the hand is worth a lot more than conveyancing fees these days !

And so the Law Society decides to bail out the SMDF honchos at inevitably a cost to the lowly sole pracitioner.
(Dont get me started)

This is on top of the Law Society’s other financial woes - reduced income from less students and practising solicitors to pay for what may have been some ill timed property investments.

On the other hand, the reasoning for keeping the SMDF is to ensure that client claims are actually paid off. They could, presumably, wind up the insurance business and see where the chips land without damaging the Law Society itself. I guess they, much like the government, are so terrified of any sort of act of default, that they will take on ridiculous debts to save face.

Well, as a lawyer friend of mine is fond of saying, the essential purpose of lawyers is that when they screw up, you can sue them and actually expect to get paid the award if you win.

If the MDF does just default, and awards stop being paid, there’s an awful lot of liability infrastructure and presumptions that suddenly start looking dubious.

Seems to be far to many people working on the law society, for what it does.

I expect the older partners behind the SMDF to have the special meeting at the beginning of May, as they did with the one last year by all accounts.

Lets be clear !

The SMDF is a f***king private company !

It just happens to have just a few too many ‘special relationships’ with the Law Society.

What the ordinary members are being asked to do is guarantee the Fund and essentially protect private directors. THe SMDF isn’t going to even offer PII in the future.

This is to be levied on members who are not or have not even been insured with the SMDF but are be asked to cover the Directors asses. Orderly wind down my hole --does that ring a bell ?

How do you reckon the directors are exposed, bar exposed to embarrassment?

Only country in EU where lawyers cannot incorporate their business.