In the competitive legal services landscape, law firms face unique challenges when securing Professional Indemnity Insurance (PII). With renewal season approaching, now is the perfect time to optimise your buying strategy, starting with a conversation with your broker.
A more competitive insurance market benefits law firms
The PII market for solicitors has experienced significant fluctuations in recent years. Following a thematic review in 2018-2019, the market faced challenges with increased pricing and limited choices.
Recent trends indicate a shift to a softer and more competitive market, allowing solicitors to explore alternatives and demand greater value from their brokers and insurers.
Underwriters have broadened their underwriting appetite and are quoting firms who undertake high risk work, such as conveyancing at more competitive premiums. This buyers’ market presents opportunities for legal firms to reassess their expectations in terms of pricing, and challenge brokers to present all options.
Navigating the renewal process
In the current buyers’ market, law firms should optimise the renewal process by challenging their broker to leverage market conditions. Firms should explore exclusive PI Insurance products, complete forms accurately, and engage other brokers. Gallagher’s strong relationships with PII insurers will allow you to maximise the opportunities afforded by the current market conditions.
Gallagher – your partner for proactive risk management and bespoke insurance solutions
Gallagher, as well as being a specialist PII broker, is a true risk management partner, offering bespoke solutions and comprehensive service infrastructure. Our clients gain access to our extensive market experience, strong carrier relationships, and claims-driven insights for proactive risk management. Our insurer-funded consultancy provides training, AML resources, and procedure updates, while third-party specialists assist with regulatory risks and compliance, particularly concerning SRA matters.
“There are two key aspects to our approach as an open market broker,” says Piers Winton, Executive Director, PI, Gallagher. “First, we have strong relationships with all the primary providers of solicitors’ professional indemnity insurance, and second, our commitment to promoting a culture of real-time risk management differentiates us in the market.”
LawInsure – tailored Professional Indemnity Insurance for Solicitors
LawInsure, our exclusive Professional Indemnity solution, is tailored for solicitors in England and Wales.
It is underwritten by A+ rated Lloyd’s syndicates* and includes six participating insurers, ensuring stability and continuity in any market conditions. Exclusively available through Gallagher, LawInsure can only be accessed via our specialist team. It strives to be a comprehensive risk partner with a full range of support services beyond just insurance placement, assigning firms a dedicated Client Director from the outset, and delivering exceptional service.
LawInsure is competitive for firms with Lexcel Accreditation, LSQM, or ISO. Beale & Co manages our Claims service, offering a full notification-to-settlement process with Solicitor-to-Solicitor handling. They also provide real-time risk management, sharing best practices from LawInsure trends. Unique in the Solicitors PI market, LawInsure delivers outstanding support services that firms will value.
“We recognise that every law firm is unique, and our approach is to integrate ourselves into the DNA of these firms, assisting them with regulatory and compliance challenges and insurable risks,” continues Winton.
“Our investment in the success of our clients is significant, helping them improve their performance and benefit from being grouped with like-minded legal practices that prioritise risk management.”
Conclusion
LawInsure, PII cover provides England and Wales law firms with a robust framework to manage business complexities, offering essential risk support and helping reduce exposure to claims. Through its focus on tailored risk management strategies, unique claims insights and specialist consulting, Gallagher is an essential partner in risk, helping legal firms face the future with confidence.
*Independent ratings from S&P, AM Best and Fitch. Correct as of July 2025.
