Ethics 'crucial for solicitors' - Professional Indemnity for Solicitors

24/06/2008

It is important that solicitors are seen to act ethically in order to maintain confidence in the industry, according to the Law Society.

The 2008 Annual Review, recently published by the professional body, notes the success of a series of events hosted by the society and presented by Jack Straw.

According to the Law Society, the outcome of the events was the finding that "the high ethical standards of the solicitors' profession - appreciated around the world - underpin our commercial success".

"They fuel our efforts to ensure that government and regulators do not undermine the independence and health of the profession," the society adds.

Its series of debates was launched in response to the publication of the new Code of Conduct by the Solicitors Regulation Authority (SRA).

Following the launch of the revised Code, SRA spokesperson Geoffrey Negus claimed that it was "encouraging" to see many solicitors taking notice of the sections directly relevant to their operations ahead of the October deadline for renewing their Professional Indemnity (PI).

However, he added that it could take some time before the full impact of the rules on the PI market are known.

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