Law firms paid an average of 30% more for their professional indemnity insurance (PII) renewal this spring, according to a report, ‘Solicitors Season Review’, by Lockton Solicitors last month.
In response, the Law Society is hosting a free PII webinar on 16 June. A spokesperson said the Law Society has a range of information for members here.
They added: ‘The situation is being made worse by a significant minority of firms producing claims that exceed the premiums raised by insurers. This situation is not sustainable, so it is essential that members―and those doing conveyancing work in particular―take steps to review their risk management practices.’
