Tag Results

Smaller law firms are set to have more choice for the professional indemnity insurance this year after Legal & Professional Insurance entered into an agreement with broker Marsh to target practices with two and three partners.

Well done to First Title Insurance for taking the plunge and entering the professional indemnity insurance (PII) market for solicitors. I say this not because the company is a Legal Futures Associate, but because there has been considerable doom and gloom about the prospect of new entrants to the market in the wake of the Solicitors Regulation Authority’s decision to hold off abolishing the assigned risks pool until 2013. First Title is an interesting insurer because of its role in offering title insurance, which has always struck me as rather appealing for solicitors.

Competition over fees, reduced work volumes and other worries will result in far fewer firms specialising in conveyancing in the future, a new survey has predicted. The poll of Conveyancing Association members found them anxious about the future, with alternative business structures and reduced lender panels key sources of concern.

Indemnity insurance premiums for law firms with no new claims and no significant change in circumstances are still set to rise 10% this year, a leading broker has warned. Predicting a “tough” 2011, Lockton also called for a “fundamental review of the whole conveyancing process”.

A potential new professional indemnity insurer has blamed the Solicitors Regulation Authority’s failure to tackle the market’s problems more quickly as the reason it will not be offering cover to law firms this year.