Solicitors Mutual Defence Fund (SMDF)

Law Society of Ireland Members approves financial support to Solicitors Mutual Defence Fund (SMDF). 

As a result of a recent postal ballot of Law Society Members in Ireland, the following resolution was passed:-

“That this General Meeting approves the recommendation of the Society’s Council to provide financial support to the Solicitors Mutual Defence Fund up to a maximum of €16million, to be funded by way of an equal payment from every practising solicitor for a period of ten years and to be collected through the practising certificate fee or as otherwise determined by the Society (currently estimated at €200 per solicitor per year).”

This will be deemed to be good news for many solicitors and their clients as the SMDF, which insures about 30 per cent of solicitors, is insolvent and is being wound down with liabilities estimated by the society at €170 million. It had been argued that the charge on solicitors was required to cover the 10 per cent of the SMDF’s liabilities which have not been reinsured. In turn this should allow for the orderly wind-down of the fund and not the immediate winding up of the fund which could have led to solicitors and clients being exposed and uninsured on certain professional negligence claims.

Contact Greg Nolan Solicitors today to find out more about the Solicitors Mutual Defence Fund (SMDF).