The implications of the IMF/EU bailout are only compounding the problems currently being faced by the legal profession in Ireland. As bank assets are increasingly transferred to the National Asset Management Agency (NAMA) it is becoming apparent that a significant number of mortgage owners are not registered as the owners of the properties they bought.
And this comes at a time when the number of court cases being brought against solicitors on the grounds of malpractice in connection with property transactions is reaching crisis proportions. Not surprisingly, with claims running into hundreds of millions of euros, this is having enormous professional indemnity insurance implications.
Indeed, as reported in irishtimes.com, the newsletter of the Solicitors Mutual Defence Fund calls for the whole profession to take proper control of its business in order to reassure the professional indemnity insurance underwriters. A slightly worrying judgement on the profession’s past performance.
Get the professional indemnity insurance you need at at 0333 3211 403.
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