A total of 153 solicitor firms have now been confirmed as facing closure in the Professional Indemnity crisis facing the profession.
The Solicitors Regulation Authority yesterday said that they have failed to secure the insurance, without which they are unable to practise.
They are now in the second phase of a new process called Extended Policy Period, meaning that they can only deal with existing instructions while urgently trying to seek a new insurer.
Those that fail to do so will have to close by December 29.
Originally, 266 legal firms had invoked the Extended Policy Period, but 73 have since found an insurer.
Previously, law firms without their own insurers entered the assigned risks pool, but this is now closed.
Firms that are now in the new system have until next Wednesday to inform the Solicitors Regulation Authority of their position.
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Comments
Most solicitors, like many agents have cut their costs- staff- and with the upturn they have been caught out. Agents just put the sold s/c board up and sell the next one, solicitors are swamped!
Agents need to understand this, the view of Trevor typical and part of the problem. We need to give them time to staff up, they are not all rubbish, managing expectation is key and will help all involved.
It needs to be more of a partnership, not stuck in some stereo typical old man syndrome! Don’t gloat, have you considered what happens to any sales or purchases you may have with those 150?? You may want to help them pay their PI!
Some justified comments but I think you need to spend a day in a busy, efficient, conveyancers office Trevor.
Let's hope the ones that are left answer phone calls from agents, ditch quill pens, open files same day, deign to speak to their clients, admit at once if they are having lender-panel troubles , tell us if they haven't got any dedicated conveyancers on the staff any more and a partner might deal with the matter in spare time next month.
Best of all let's hope one day they all deal on the basis of 'no exchange - no fee' like we do. They may even make enough money then to afford their PII and stay in business! Got to go now - four completions today, where are those bloody keys!
By the way ,for those of you who lean that way, it's All Saints Day today (also known as Estate Agents Day!). Have a good weekend. Big T