Solicitors vote on plan to plug fund gap

POLLING closes today in a ballot among solicitors on a plan to plug a gaping hole in an industry insurance fund which could leave individual law firms facing claims of up to €300 million.

Members of the Law Society have been asked to vote on a proposal which would cost €200 per solicitor each year.

This measure is designed to find €16m, which, it is believed, will stop reinsurance companies from cutting the Solicitors Mutual Defence Fund adrift. If the fund cannot find additional capital, it will be declared insolvent with 551 firms currently facing claims against them.