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June 26 2019

Preparation is key | A guide for upcoming renewals

It has been widely documented in the insurance press that the UK Professional Indemnity Insurance (PII) market is challenging. A number of participating insurers are reviewing their solicitor portfolios as a direct result of claims activity. Because of this claims activity, rates may well increase for a number of areas of law. At a time when it is as crucial as ever to stand out from the crowd, this article highlights the benefits of investing in your PII renewal process, meanwhile reducing the potential for unnecessary stress further down the line.

Extended Indemnity Period – Dispelling the Myth

June 05 2019

Guidance - Professional Indemnity

Extended Indemnity Period – Dispelling the Myth

To put simply, the Extended Indemnity Period (EIP) is not “extra time” to renew your Professional Indemnity Insurance. There appears to be a common misconception of what the Extended Indemnity Period (EIP) is intended for. This article aims to clarify matters whilst also addresses the potential implications and impact on a practice entering the EIP.

To rectify or not to rectify, that is the question - the recent case of the SRA v Howell Jones LLP

June 03 2019

News - Professional Indemnity

To rectify or not to rectify, that is the question - the recent case of the SRA v Howell Jones LLP

Often when solicitors find themselves in a difficult position with a client, for example, where an error has been made in calculating SDLT and a fine is foreseeable, they will try to put things right with the consent of the client. Our insured clients often ask insurers for permission to rectify a situation where they consider that to do so would be in the best interests of their client and would not create an irreconcilable conflict of interest.

Lockton Solicitors Compliance Update Webinar Recording

May 28 2019

Webinar - Risk Management - General

Lockton Solicitors Compliance Update Webinar Recording

We recently held a Compliance Spring Update webinar for our clients. You can find the recording here.

Lockton Solicitors Compliance Update | Wednesday 22nd May | 2:30pm - 3:30pm

May 15 2019

Webinar - Legal/regulatory changes, AML

Lockton Solicitors Compliance Update | Wednesday 22nd May | 2:30pm - 3:30pm

With new SRA Standards and Regulations coming into force in November, and more Money Laundering Regulations due towards the end of the year, there is a lot for Compliance Officers to focus on over the summer months. Join us for this Compliance Update Webinar, with Amy Bell, Risk Management Consultant.

Emerging areas of law – An option for the future or an opportunity right now?

April 25 2019

Guidance - Professional Indemnity, Risk Management - General, Litigation

Emerging areas of law – An option for the future or an opportunity right now?

There will always be a demand for traditional areas of law such as conveyance, personal injury, wills, trust and probate, family, employment and commercial but with increasing competition along with continued pressure on fees it might be worth considering some of the emerging areas of law that could compliment your existing offering.

Reflection on the latest PII renewal season

April 17 2019

Guidance - Professional Indemnity

Reflection on the latest PII renewal season

Leading up to the latest renewal season there was plenty of publicity concerning the insurance market place and the possibility of rates hardening. Following the conclusion of the March and April renewal season and practices are now in receipt of their policy documentation we can reflect and report on what has occurred during this renewal period, using our portfolio of clients as the basis of our consideration.

A Brief Overview of the Key Changes to the SRA Regulations due in 2019

March 29 2019

News - Legal/regulatory changes

A Brief Overview of the Key Changes to the SRA Regulations due in 2019

As most of you will be aware (or should be by now), the Solicitors Regulation Authority (SRA) is due to introduce major changes to its regulations and has now announced that these changes will finally come into force on 25 November 2019.

March 25 2019

Guidance - Risk Management - General

Can Law Be Flexible?

We are frequently advised by our clients that succession planning is becoming more difficult, as fewer fee earners have the desire to become equity partners. They also comment that younger employees are likely to hop between employers as they chase rapid career progression.

Responding to Subject Access Requests (SARs) – Practical Tips

February 28 2019

Guidance - Compliance

Responding to Subject Access Requests (SARs) – Practical Tips

Since the introduction of the GDPR in May last year individuals have become much more aware of their rights to access their personal data. It is therefore extremely important that you have a clear action plan in place to process SARs within the short statutory timescale and to avoid fines or censure. Below we look at the SAR requirements, the practical impact of them, and some top tips for ensuring you get it right.

Perry v Raleys Solicitors – Positive news for the profession

February 26 2019

News - Claims

Perry v Raleys Solicitors – Positive news for the profession

The general consensus from the various Legal News Letters is that the Supreme Court’s ruling in respect of Perry v Raleys is good news for both law firms and insurers alike, and may assist in reducing any future cases being brought for under settled Personal Injury claims.

Passwords - what should you be doing to protect sensitive data?

February 11 2019

Guidance - Cyber

Passwords - what should you be doing to protect sensitive data?

There is no doubt Data Protection has always been a key part of the day to day business environment, now with the fines and penalties that could be imposed by the Information’s Commissioners Office (ICO) with the new General Data Protection Regulation (GDPR) it has focussed our minds.

Reporting Suspicious Activity to the NCA – the latest case of Lonsdale v. Nat West Bank

February 08 2019

Guidance - Fraud & Scams, Compliance

Reporting Suspicious Activity to the NCA – the latest case of Lonsdale v. Nat West Bank

The case of Lonsdale v National Westminster Bank plc [2018] EWHC 1843 (QB) has been widely reported and has caused some consternation as to whether those making Suspicious Activity Reports (SARs) could potentially find themselves subject to a claim for defamation. In this blog we will look at what happened in that case and the potential implications for MLROs before giving some practical tips about what sort of information to include when making SARs.