Law firms face increased liability risks, warns Marsh
Marsh has said it believes that the economic downturn in the US and many parts of Europe, caused by the contraction of readily available credit in some spheres, will increase the incidence of professional liability claims against law firms during the next 12 months.
Despite this, Marsh also said that the market for Solicitors’ Professional Indemnity (PI) cover remains very soft due to an abundance of available capacity.
Marsh identified the following as some of the professional liability claims that may arise from the slow down in the economy:
Contract scrutiny: Experience shows that contract details are more heavily scrutinised during periods of economic downturn. Law firms are more susceptible to action on drafting errors and discrepancies; poor proofOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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