Increase in Law Society payouts to clients whose solicitors default
The Law Society of Ireland paid out almost €4 million in compensation to clients whose solicitors defaulted, The Irish Times reports.
The total amount paid out in 2014 was €3.67 million, an increase of 29 per cent from the previous year, according to the society’s latest figures.
However, there was also a 236 per cent increase in recoveries from defaulting solicitors to €1.68 million in 2014, bringing in enough cash to compensate for the increase in claims.
Ken Murphy, director-general of the Law Society, said: “While provision for claims increased by €870,590, there was an increase in recoveries from defaulting solicitors of €1,182,615.”
A total of €23.35 million was claimed between 2009-14.
Mr Murphy added: “It is normal for both provisions for claims and recoveries from defaulting solicitors to fluctuate from year to year. No special significance should be attached to this.”