The Gazette 1986

JULY/AUGUST

19

GAZETTE

Minutes of the Half-Yearly Meeting Kelly's Strand Hotel, Rosslare, Co. Wexford, on Saturday, 3rd May 1986

Rising Cost of Professional Indemnity The increasing costs of Professional Indemnity, and the importance of launching the Law Society's own scheme to provide protection was one of the major topics of the Half-Yearly General Meeting of the Incorporated Law Society of Ireland, held at Kelly's Strand Hotel, Rosslare, on 3 May, 1986. Members and guests were welcomed to Rosslare by the President of the Wexford Solicitors' Association, Mr. Edmund S. Doyle. The Minutes of the AGM held in Blackhall Place, Dublin, on 14 November, 1985, were signed by the President, Mr. Laurence Cullen, on the proposition of Mr. Andrew F. Smyth, seconded by Mrs. Moya Quinlan. Discussing the problems of Professional Indemnity cost, the President, in his address, said that many members are unable to absorb the dramatic increases in premiums and may be forced to abandon cover until the Society's own scheme gets under say. He suggested that this is an appropriate time for the Minister for Industry and Commerce to open an inquiry as to the justification of such increases — as much as 300% to 500% on top of 100% last year in some cases— and take appropriate action. The President also urged that the Minister should take the initiative to order an inquiry into the whole concept of limited liability in relation to certain of the Professions. He added: "As no profession can carry this type of increase as an operating expense and it must now be necessary to add to each account a separate item of disbursement to meet such overhead. Like VAT another charge to the public will be Professional Indemnity." Grievances The President referred to his meeting with a group of members of the public who had grievances against solicitors and said that there was a clear impression in the group's minds that there was no point in pursuing a genuine claim or complaint, that solicitors would not pursue other solicitors, and that there was no one in the Law Society to talk to. "I explained to them and repeat publicly, that there is a very large panel of solicitors available, throughout the entire country to advise and pursue genuine claims, whether against wrong doers or solicitors. The Law Society maintain this panel. In addition, there are qualified solicitors on the staff whose function is to listen to and advise the Public on legal matters but also to give them an independent view on their rights."

Scrutineers The meeting agreed to the appointment of the following as scrutineers of the ballot of the Council for 1986/87, subject to the appointment of three additional scrutineers being approved by the Council: Messrs. L. Branigan, G. Doyle, J.R.C. Green, E. McCarron, A.J. McDonald, P.D.M. Prentice, R.J. Tierney, W. Beatty, D. O'Hagan, L. Young and Ms. Elma Lynch. Retirement Fund The Chairman of the Finance Committee, Mr. E.J. Margetson, reported on the Retirement fund established in 1975. The current value is almost £7m. and the increase in the past year was 31.25%, representing income of 7.85% and capital appreciation of 23.40%. The average annual increase over the 11 year period since the foundation of the Fund was 47.27% free of tax. The unit value at 1 March, 1985, was 155.00 as against 117.75 on 1March, 1984. Mr. Margetson also reported that following the breakdown in existing arrangements, Irish Pensions Trust Limited had now found it possible to enter into a new underwriting arrangement for the Income Continuance Plan with Irish Life. Details will be circulated shortly. Premiums are deductible for tax purposes, insofar as they come within the overall 15% limit of net relevant earnings. Annual Accounts Mr. Margetson reported that the unaudited Accounts for the year showed a small surplus before tax of almost £8,000. Speakers at other sessions were Ulick O'Connor, Michael Mills (Ombudsman) and Dr. Ivor Kenny. They were thanked by Mr. Edmund S. Doyle. Guests of the Society were Mr. James Sutherland, President, International Bar Association; Mr. Claude Thomson, Canadian Bar Association; Mr. Michael Gill, President of the Law Council of Australia; Mr. Norman M. Stewart, President, Law Society of Scotland; Mr. Kenneth Pritchard, Secretary, Law Society of Scotland; Mr. C.A.B. Leslie, President, Law Society, England; Mr. G.B. Turkington, President, Law Society of Northern Ireland; Mr. Michael Davey, Secretary, Law Society of Northern Ireland; Dean Frederick Erdman, Belgium; Ms. Claire M. Callan, Society of Young Solicitors; Mr. J. Murray, Assistant General Manager, Bank of Ireland. •

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