The “popular myth” that conveyancing is low value is not borne out by the evidence, the Solicitors Regulation Authority has found. But property work is continuing to cause the regulator problems, with stamp duty land tax schemes and ‘right to buy’ negligence litigation firmly on its radar.
When I’m out meeting new firms, writes John Thomas of LawNet, all too often when I ask managing partners about the cost of their PII, they do not know. Not many can tell me to the nearest £10,000 and some have no idea at all, having devolved responsibility to the ‘insurance partner’. But is this acceptable in a world of change and challenge, and constant pressure on costs?
Axis Specialty plc has become the second new A-rated insurer to enter the professional indemnity market for small law firms in a week. The news comes in the wake of AmTrust Europe Ltd setting out its stall for sole practitioners.