SRA To Slash Top Awards For Clients Of Negligent Attys
Law360, London (July 29, 2020, 4:45 PM BST) -- The Solicitors Regulation Authority has decided to cut its maximum awards for people who have suffered hardship as a result of dishonest attorney behavior by 75%, prompting criticism from the industry's biggest lobby.
The watchdog confirmed Tuesday that the highest payout for clients of dishonest solicitors from its compensation fund would be slashed from £2 million ($2.6 million) to £500,000. The fund will also stop covering unpaid fees of barristers and large charities and trusts will be ineligible for claims.
The Compensation Fund is a discretionary fund of last resort, managed by the SRA. It is used to make grants...
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