129 / 330
GAZETTE
JULY/AUGUST
19
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.
•
119