Law firm closures due to lack of PI slows down
A total of 34 law firms closed due to lack of professional indemnity insurance in 2022/23 up to the end of October, the lowest level since 2018/19.
The closure rate hit a high of 65 in 2019/20 according to research by chartered accountants Hazlewoods as it flagged the falling price of insurance.
The advisors, who specialise in the legal profession, cited research by Howden found that 66% of the broker’s law firm clients achieved a rate decrease in their PII premiums in October 2023.
It’s still a very tough market for firms that insurers see as higher-risk, but for others the cost of PII appears to have settled somewhat.Ian Johnson, partner at
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