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GAZETTE
JANUARY/FEBRUARY 1992
Earnings on Solicitors Financial Services
Reach £1 Million
NO. OF SOLICITORS SUBSCRIPTION
VAT
TOTAL
IN PRACTICE
RATE
£
£
£
Sole Practice
100.00
21 . 00
121.00
2 - 5
200 . 00
42 . 00
242 . 00
6 - 1 0
250 . 00
52 . 50
302 . 50
11 and over
350 . 00
73 . 50
423 . 50
The company, Solicitors Financial
Services (SFS), formed by the Law
Society in 1989 has now finished
its second year of operations. As
stated in the Annual Report (copies
available on request) 276 firms
joined the service for the year
ending 30 September, 1991. Total
earnings to 30 September have
almost reached £1 million! No
mean achievement in a trying and
difficult economic climate.
If the current rate of renewal of
membership is maintained this
figure will be surpassed for the
coming year.
It is worth noting that in these days
of rising costs, SFS has kept its
membership fees at the levels to
which they were reduced last year
(see table).
Joining the scheme is simple. You
send a cheque payable to the
Incorporated Law Society for the
relevant amount and you then
become registered. Sedgw i ck
Dineen takes over from there and
a consultant will visit your firm and
introduce the service to you. You
will obtain a wall plaque, display
stand, brochures and a user
manual.
During 1991, Part IV of the
Insurance Act came into effect.
The principal aim of this legislation
is to regulate insurance inter-
mediaries and thus protect the
interest of the client. The necessity
for this legislation has been
highlighted by a number of well
publicised cases during the last
year. As a member of SFS you will
automatically comply wi th the
requirements of the Act through
the company's association with
Sedgwick Dineen.
In order for the scheme to achieve
optimum results individual soli-
citors in each firm must generate
20
enquiries and Sedgwick Dineen will
be glad to advise where and how
these enquiries may be generated.
There are a large number of
solicitors' clients who will have sur-
plus funds, whether large or small,
who will be only too delighted to
learn that their solicitor, through
the SFS, can provide expert advice
on investment. Solicitor members
need to inform clients, if necessary
in a circular, that the service is
available. Even a small amount of
marketing will yield surprising
results. It may surprise solicitors to
k now t hat t wo w i nne rs of
substantial amounts in the National
Lottery have been advised by SFS.
Clients receive a very compre-
hensive investment report and
Sedgwick Dineen will meet him/her
and their solicitors to discuss the
various options available. Remem-
ber that Sedgwick Dineen is
completely independent of any
bank, f i nanc i al i ns t i t u t i on or
insurance company and can give
advice on the most suitable
products available to the client.
There are many other examples
such as providing advice to clients
on inheritance tax planning or
implications which the budget has
on Section 60 Policies and Section
119 Policies.
Members of the profession are
urged to seriously consider mem-
bership of the service, as it has
proved to be a substantial source of
additional income for its members.
It is a system which is very simple
to operate and enables a solicitor to
provide an expert service in an area
of client business where the
solicitor does not have to be expert
himself.
•
ENQUIRY FORM
NAME:
FIRM:
ADDRESS:
TEL. NO:
DETAILS ON JOINING THE SERVICE
\ _
ANNUAL REPORT
[ __
Please return to:
Solicitors
Division
Sedgwick
Dineen Personal Financial Management
Ltd.
18/19 Harcourt
Street, Dublin 2. Tel:
01-781599.