Law Society’s compensation fund suffers losses of €2.24m

The Law Society’s compensation fund incurred losses of over €2.24m in 2011 and 2010.

The fund compensates clients who have sustained loss as a consequence of dishonesty on the part of a solicitor or an employee of a solicitor.

According to the financial statements for 2011, it incurred a loss of €998,052, compared to a loss of €1.24m in 2010.