The Law Society has completed the first wave of cash refunds to law firms across England and Wales as part of its £50m redistribution of surplus funds in its legacy Solicitors Indemnity Fund (SIF).

Chancery Lane announced last week that it had paid back more than £25m to the profession in the 12-month period between October 2005 and September 2006. A further £25.1m is to be handed out to firms before 30 September, 2007.