Professional indemnity premiums are increasing (by an average of 30% for small and medium sized firms according to the LexisNexis Bellwether Report 2021), but how serious is the threat, and is it really fuelling an exodus of solicitors from private practice and into the arms of larger firms? Barrister and journalist Veronica Cowan investigates, in this week’s NLJ.
She writes: ‘Professional indemnity insurers are reportedly becoming more risk-averse in areas such as conveyancing, and have been raising premiums to cover potentially high pay-outs. The increased number of solicitors working from home since the pandemic has also increased risk for insurers, particularly for those working in smaller firms without well-established risk, compliance and quality control processes.’
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