Market intelligence for law firms of the future
Indemnity insurance
Row over unrated insurers erupts after SRA bids to calm Balva worries
The Solicitors Regulation Authority is holding firm against criticism over its position on unrated professional indemnity insurers after Latvian underwriter Balva – which covers 1,300 law firms – was prohibited from writing new UK business.
Indemnity premiums fell last year but Law Society warns firms over unrated insurers
Two-thirds of law firms saw their professional indemnity insurance premiums go down last year, with switching insurers the most common way of securing it, Law Society figures have revealed. The society has also warned that under-pressure small firms are risking their future by going with unrated providers.
Growing through mergers? Beware the block negligence claim, warns leading PII adviser
Last year was 12 months of unprecedented merger activity in the legal market. Experts are predicting that the trend will continue in 2013 with more mergers as firms seek to stay competitive by increasing their geographic spread or achieve shared critical mass in the marketplace.
Clients reject notion of lower legal fees in return for reduced consumer protection
Consumers believe regulators ensure they have protections when buying legal services – although they don’t really know what they are – and are content to pay extra for them, a survey of users’ perceptions has found. But they also expect lawyers to provide better information about their rights.
Insurer wrong to reject law firm’s blanket notification of possible claims, High Court rules
A professional indemnity insurer was wrong to reject a law firm’s blanket notification of possible claims, the High Court has decided in what is believed to be the first ruling of its kind. Meanwhile, the Law Society has issued a warning to solicitors to check potential insurers’ credit ratings.
New indemnity insurers capture market share as solicitors pay less for their cover this year
Greater competition for business has led to a small fall in the amount of money solicitors paid for their basic professional indemnity cover this year, figures from the Solicitors Regulation Authority show. New entrants captured more than 10% of the market.
Relief for solicitors’ wallets as small number of firms apply to enter ARP
The number of applications from law firms to enter the assigned risks pool in its last year is back to pre-crisis levels, the Solicitors Regulation Authority has reported. This year the profession is liable to pay the first £10m in claims that arise from the pool.
SRA ‘unsure’ whether to act on complaints of loss-leader pricing by law firms
Complaints from competitors that a law firm is engaging in predatory pricing are difficult to deal with, the Solicitors Regulation Authority admitted last week. At the same time, regulators were urged to make it easier for firms to inform them about what other practices in their area were up to.
High Court quashes demand for solicitor to pay £150,000 ARP premium
A solicitor has successfully challenged a demand to stump up nearly £150,000 in unpaid assigned risks pool premiums. He was able to show that the ARP’s manager had not established that he was personally liable for the debt of the LLP in question.
Report: indemnity insurance market softening this year but underwriters wary of non-lawyer owners
There are signs of a softer professional indemnity insurance market for some law firms this year, but underwriters are looking to handle alternative business structures with care, a new report has claimed.
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Associate News
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