Lawyers vote for insurance fund bailout
Published 15/06/2011 | 05:00
SOLICITORS have voted to pay an annual €200 levy for the next 10 years to bail out the profession's main insurance fund and meet negligence claims by clients.
Last night, the Law Society, the ruling body for more than 9,000 solicitors, revealed that a majority of solicitors had voted to support the orderly wind down of the Solicitors Mutual Defence Fund (SMDF), which once insured more than half of solicitors in Ireland.
Some 4,542 solicitors voted, with 62pc voting in favour of bailing out the SMDF to the tune of €16m.
The results of the postal ballot were circulated last night.
The results of the poll will come as a huge relief to the Law Society, some of whose members feared that the Government would impose a much higher levy on the profession if the Government had to step in to cover claims.