Law firms face increased liability risks, warns Marsh
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 proof
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