Solicitors ceasing their practices
There are many reasons why a Solicitor will give up practise – retirement, illness, money pressures or simply that they have had enough. Whatever the cause, arrangements need to be made for the transfer of the business, disposal of all the client files and to deal with the completion of accounting procedures. Most Solicitors have not been through these processes before and these notes are intended as a guide as to how to transfer the business successfully, what needs to be done by way of reporting and some of the pitfalls to be avoided. In short, how to think ahead.
For full details please view the attached word document.
Master Policy for Professional Indemnity Insurance
Ceased practices in run-off
Since the Master policy commenced in 1978, many practices have had their Master Policy cover placed into run-off when they ceased business, often as a result of mergers, acquisitions, de-mergers, or retirement of principal(s).
The Society's brokers, Marsh Ltd, do not have contact details for the majority of these practices, and therefore are unable to provide them with up-to-date policy terms and conditions.
Practices in run-off benefit from the policy terms and conditions currently in force when intimation of a claim or circumstance is made. If the former principles of practices in run-off wish details of the latest Master Policy terms and conditions and/or wish to intimate a claim or circumstance under their Master Policy run-off cover, they should contact the Society's brokers as follows:
The Master Policy Team
Marsh Limited
Orchard Brae House
30 Queensferry Road
Edinburgh
EH4 2HS
tel 0131 311 4200 fax 0131 311 4268
