Tag Results

Survey: rents and indemnity premiums threaten health of small firms, making merger attractive

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.

November 12th, 2014 | 1 Comment »

Mass confusion over PII cover as SRA warns 1,863 firms that they are entering shut-down

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.

November 3rd, 2014 | 1 Comment »

Nearly half of law firms secured cheaper indemnity cover, survey suggests

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.

October 17th, 2014 | 1 Comment »

Back to business…

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.

October 7th, 2014 | 1 Comment »

Tuesday deadline for uninsured law firms

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.

October 6th, 2014 | No Comments »

Consumer panel calls into question barristers’ £500,000 indemnity limit

The Legal Services Consumer Panel has called into question the existing minimum indemnity cover limit of £500,000 for barristers and called for more research before the limit was extended to firms regulated by the Bar Standards Board.

September 17th, 2014 | No Comments »

Lower indemnity limit would “attract discount in premiums”, SRA insists

The Solicitors Regulation Authority has insisted that a lower minimum limit for indemnity insurance would “attract a discount in premiums” for law firms as it sought to counter widespread criticism of its plans.

August 7th, 2014 | 1 Comment »

Rated insurers “may be reluctant” to offer lower indemnity limits

Rated insurers may be reluctant to offer law firms indemnity limits as low as the £500,000 proposed by the Solicitors Regulation Authority (SRA), a leading insurance broker has warned.

August 6th, 2014 | No Comments »

Consumer panel hits back over SRA ‘double standards’ claim

The Legal Services Consumer Panel has hit back at criticism by the Solicitors Regulation Authority (SRA) that it opposes a minimum indemnity insurance limit of £500,000 for solicitors, while supporting it for accountants.

July 28th, 2014 | No Comments »

Indemnity cover cut ignores ‘increasing’ number of larger claims

The number of larger professional indemnity claims is increasing, undermining the case for a cut in the minimum cover for law firms from £2m to £500,000, an industry expert has argued in a letter to the Legal Services Board.

July 23rd, 2014 | No Comments »