Economics
Limitation Periods for Professional Negligence Claims
Quick fact
In England and Wales, the usual limitation period for professional negligence is six years from the date the cause of action accrues, but for latent damage (damage that is not immediately discoverable) there is a special extension to three years from the 'date of knowledge', subject to a long stop of fifteen years from the negligent act or omission.
Why this is interesting
You hire an accountant who makes an error that costs you tens of thousands of pounds. You don't discover it until seven years later. Is it too late to sue? The answer might surprise you.