Indemnity insurance
Lenders hit out at SRA over compensation
The country’s mortgage lenders have hit out at the Solicitors Regulation Authority for not being transparent in the way it runs its compensation fund, leading to a perception that lenders are being made to carry the can for solicitors’ wrongdoing.
Call to restrict scope of PII cover as 1,000 firms face risk of closure
The risk of as many as 1,000 law firms having to shut down because they cannot find professional indemnity insurance means it is time to narrow the scope of the cover solicitors are required to have, a leading adviser has argued.
In-out, in-out: “there is capacity” say brokers after indemnity insurer hokey-cokey
Professional indemnity insurance brokers have again had to calm fears just three weeks before the renewals deadline, as the unrated insurer Berliner appeared “uncertain” it could cover any solicitors’ risk this year.
Law Society enters PII market for small firms
With just a month to go before solicitors have to renew their professional indemnity insurance (PII), the Law Society has today launched its much-anticipated offering for firms of one to four partners that cuts out brokers.
Selecting the right indemnity insurer
There a number of very important factors to consider before committing to the renewal of your firm’s professional indemnity insurance (PII). One of the most important considerations is the actual choice of insurer providing the cover for the firm’s compulsory level of insurance.
Insurance industry “shaping the law firm M&A agenda”, say experts
Professional indemnity insurers are starting to shape the UK legal sector as they exert their influence during law firm mergers and acquisitions, experts have warned. Their attitude towards a firm’s target is becoming a significant influence on who buys whom – and who doesn’t.
Indemnity insurer collapse leaves millions in unpaid claims against solicitors
Lemma, the failed Gibraltar-based solicitors’ indemnity insurer, has left run-off claims worth around £25m to be borne by the financial services industry in the wake of its collapse last year, it has emerged.
Law Society tight-lipped over reports of plan to launch own PII scheme for solicitors
The Law Society has refused to comment on speculation that it is to launch its own professional indemnity insurance offering for law firms. Legal Futures understands that it has been examining a managing general agency model.
SRA finally starts to give way on unrated insurers
The Solicitors Regulation Authority has finally given ground over unrated insurers and is to investigate again whether it should introduce financial eligibility criteria. The regulator has launched an assessment of the “full implications” of such a move.
1,300 law firms face emergency hunt for new indemnity insurer
The 1,300 law firms who have their professional indemnity insurance with Balva face the prospect of having four weeks to find new cover if the winding-up process the Latvian company started yesterday becomes an “insolvency event”, the Solicitors Regulation Authority has warned.
Blog
Is competition in the legal sector stifling innovation?
As the legal sector’s competitive landscape continues to evolve, Nobel laureates remind us that innovation is not inevitable,and that competition may not always be an incentive to innovate.
What high-performing consumer claims firms get right
Recurring concerns about parts of the volume claims sector show that the gap between well-run firms and those struggling to manage volume effectively is widening.
The SRA’s 2025 AML report: What law firms need to know
The SRA has released its 2024-25 anti-money laundering report and the scale of supervision is striking – it carried out 935 proactive engagements in the year to 5 April 2025.
