Solicitors running two firms caught out by changes to the indemnity insurance rules and the closure of the assigned risks pool in 2012-13 have been fined by the Solicitors Disciplinary Tribunal for failing to wind-down their practices in an orderly manner.
Two partners have been cleared by the Solicitors Disciplinary Tribunal of misconduct relating to errors and omissions in their firm’s application for indemnity insurance, and unusually were allowed to maintain their anonymity throughout.
Cyber security is becoming a central issue for professional indemnity insurers, and firms will in future need to demonstrate what protections they have against cyber criminals before they are offered cover, a leading broker has predicted.
The Solicitors Regulation Authority (SRA) will focus more on individual regulation and less on firms in the year ahead, chief executive Paul Philip has said.
Almost a half of law firms using insurance brokers to secure their indemnity cover in last year’s renewal said brokers failed to reveal their commissions, a Law Society survey has revealed.
The turnover of SME law firms in London and South East rose by 4% this year, according to an annual benchmarking survey by accountants HW Fisher & Co. However, the survey warned that rising overheads would continue to put pressure on profits.
Many of the 1,863 law firms e-mailed by the Solicitors Regulation Authority last Thursday that their apparent lack of professional indemnity insurance meant they would have to move into a period of shut-down had cover after all, it emerged.
Nearly half of law firms – 47% – secured cheaper indemnity insurance this year, a survey has suggested. Half of these obtained “significant” reductions. It also indicated a move by firms from unrated to rated insurers.
You know that feeling you get when you return to work after moving house? The warm embrace of ‘business as usual’ after a period of sustained frenetic activity, a little stress, mixed with the excitement that comes with achieving a good outcome for you and your family? Well, I’ve just completed the annual renewal process of professional indemnity insurance (PII) for more than 50 firms in our network, and it’s a similar feeling.
Firms that have not secured professional indemnity insurance have until tomorrow to notify the Solicitors Regulation Authority. Despite the abolition of the single indemnity renewal date last year, 1 October remained the deadline for more than 90% of law firms.