Hardship fund of £1 million created by solicitor charity

A £1 million hardship fund has been created by SBA The Solicitors’ Charity, formerly known as the Solicitors Benevolent Association, to support solicitors in financial difficulty and with accessible savings of less than £2,500, as a result of the coronavirus crisis.

Solicitors who find themselves in serious financial difficulty following the coronavirus outbreak will soon be able to apply for the charity’s personal hardship fund.

As well as requiring applicants to have accessible savings of less than £2,500 within their household, the charity also expects applicants to have taken advantage of additional financial support, including mortgage payment holidays, and to have begun applying for welfare benefits.

Chief executive of SBA Solicitors’ Charity Nick Gallagher said: “The solicitors’ charity has been helping solicitors for 160 years and in 2019 we awarded over £986,000 to solicitors in need. The situation many currently find themselves in is unexpected, stressful and many will be feeling that there is no light at the end of the tunnel, so it’s imperative the charity provides as much help as possible for those in need. The creation of this extra fund, initially of £1 million, could provide a financial cushion and peace of mind vital to so many at this time.”

Earlier this week barristers were being encouraged to donate money to an emergency hardship fund to support members of the Bar, after warnings that demand for financial support is likely to outweigh supply. Individual support packages for pupils and very junior tenants have also been developed by the Inns of Court.