Law firm closures due to lack of PI slows down

online-legal

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: