The Gazette 1981

APRIL 1981

GAZETTE

LAW SEARCHERS' PROFESSIONAL

SOLICITORS' BENEVOLENT ASSOCIATION

INDEMNITY INSURANCE

The Annual General Meeting of the Solicitors' Benevolent Association took place by kind permission at the Law Society, Blackhall Place, on 26th March 1981 and in the course of proposing the adoption of the Report and Receipts and Expenditure Accounts for the year ended 30th November 1980, the Chairman, Mr. Eunan McCarron welcomed solicitors from Northern Ireland who were present. He thanked the Incorporated Law Society for their co-operation in collecting subscriptions for the Association but he pointed out that while some years ago almost all the Bar Associations in Ireland were subscribers, the Report disclosed now that subscriptions had only been received from four Associations namely — The County Tipperary/Offaly Bar Association, the Dublin Solicitors' Bar Association, the Society of Young Solicitors and the Belfast Solicitors Association. He drew attention to the fact that over £2,000.00 had been received as proceeds of a Soiree held in May of last year and he again thanked the ladies committee for their wonderful efforts in organising that function. The Chairman stated that the financial sub-committee had made quite substantial alterations in the portfolio which would have the effect of increasing dividend income as income was more important than ever when one appreciated that the average annual grant exceeded £500.00. The adoption of the Report and the Accounts was seconded by Mr. W. Brendan Allen, Senior Vice President of the Law Society.

The inflationary increase during the past few years in the sheer volume of money involved in conveyancing transactions led the Dublin Solicitors' Bar Association to take upon itself an enquiry into the position of the pro- fessional Law Searchers upon whom the majority of the solicitors' profession so heavily relies. The Association was concerned to find that, although some Law Searchers had taken out cover up to £100,000 for any one claim, the majority had no cover whatever. The Association then considered the desirable mini- mum cover which Law Searchers should maintain and decided, in February 1978, that this should be £250,000 for any one claim. It is inevitably difficult to introduce a completely new concept into a well-established field of practice and, not unnaturally, the Association encountered some opposi- tion to its proposal. It is only fair to record that all Law Searchers were agreed that professional indemnity cover should be carried and discussion continued merely as to quantum. The Association is very pleased to be able to report that it believes that all the major Law Searchers practic- ing in the Dublin area have taken out professional in- dennity cover for £250,000 and there is set out below a list of Law Searchers who have notified the Association that they are so covered. Some of the information collected by the Association is, by now, more than one year old, so there is always a theoretical possibility that the cover of some one or more Law Searchers may have lapsed or been discontinued. The Association has no reason to doubt the bona fides of any Law Searcher but suggests that from time to time practitioners might, for the record, seek an assurance from their customary Law Searchers that their professional indemnity cover is still in force. With the passage of time, the value of cover as high as £250,000 will have been eroded by inflation and the Association will in due course take up with the Law Searchers the question of increased cover.

Receipts and Payments Account for the Year Ended 30th November 1980

Dr.

Cr.

To Cash on Hands (30/11/79)

—

7,422

Annual Subscriptions Life Subscriptions Donations and Legacies

8,972

160

122

4,656

1,325

Rents Received

—

2,699 10,610 2,061 1,104

2,424 10,010

Refund of Income Tax

Dividends

Proceeds of May Soiree Bank Overdraft (30/11/80)

—

3,171

Law Searchers who have notified the Dublin Solicitors' Bar Association that they have arranged Professional Indemnity Cover for not less than £250,000:-

3,171 21,305 2,500

2,500 By Bank Overdraft (30/1 1/79)

Grants

19,898 2,400

Annuities

Bank Interest and Charges

195 450 345 124 80

352 800 150 181 171

Secretary's Salary

Audit Fee

Brady & Company. Charles Brennan & Son. Sean Cuddihy (with whom Eamon Quinlan is practising). Ellis and Ellis.

Printing, Stationery and Postage Income Tax Recovery Fees

Ground Rent

36

72 10

Cash on Hands (30/1 1/80)

£28,712 £28,712 Having examined the books and vouchers of the Solicitors Benevolent Association, I have prepared therefrom the foregoing Receipts and Expenditure Account, which I certify to be correct.

Gardiner Mooney & Company. Inter Company Comparisons Ltd. O'Halloran Menton. Eamon Quinlan (with Sean Cuddihy). Mrs. Ethel Roche. John M. Tighe & Son.

28 South Frederick St.,

Joseph A. TaafTe. Chartered Accountant

Dublin 2.

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