Solicitors Regulation Authority figures show the number of sole practitioners dropped by 5% in the past six months alone. A LexisNexisreport, ‘Bellwether 2021: The good, the bad and the new’, revealed PII has risen by an average of 30% among small and medium firms in one year, with two-thirds of respondents identifying PII as among the biggest threats to their firm.
Adrian Jaggard, CEO at Taylor Rose MW, which has more than doubled its number of consultant solicitors to about 350 in the past year, said: ‘Increasing PII premiums have particularly impacted smaller firms and sole practitioners and it is having a marked impact on their appetite to keep operating independently.
‘We are seeing a lot of experienced solicitors who no longer want the responsibilities of compliance and increasing operating costs, and instead are seeking the relative security and freedom of operating as consultants.’
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