Trustees for the Law Society’s pension fund have asked for a £20m cash injection to help plug an estimated £50m funding gap amid fears that Chancery Lane could soon lose its powers to fund the scheme with the practising certificate.
Legal Week has learned that the chairman of the pension fund’s trustee board, John Hayes, has written to Law Society chief executive Janet Paraskeva calling for the society to make the £20m payment this year and provide security for the remaining shortfall.
Embarrassingly, Hayes cites the current review of legal services regulation by Prudential chairman David Clementi as a reason for swift action.
Clementi’s review is widely expected to impact on the society’s position as a regulator when he reports at the end of the year, possibly ending Chancery Lane’s right to levy the practising certificate – its main source of revenue.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
