Background The idea of the LSC programme was conceived on the back of an envelope in early 2016 in reaction to a problem faced by a single client. It was expanded upon in an email to the client in April 2016, and we began to develop the model in consultation with several other law firm [...]
The Problem When a solicitors practice ceases to trade, it is required to acquire ‘Run-off’ insurance cover. This is a regulatory requirement imposed by the Solicitors Regulatory Authority (SRA) that ensures consumers are compensated for claims that arise after a firm has closed. Unless there is a successor practice in place, solicitors who cease practice [...]
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