Solicitors' Market Report - July 2022

Our latest Solicitors' Market Report examines the outcome of the April 2022 Solicitors’ Professional Indemnity Insurance (PII) renewal and provides insight into what your firm can expect if your policy is yet to renew in 2022.

We also update you on issues currently on the radar for PII underwriters so you can review whether there is any action you need to take before renewal. In addition we offer guidance on discussing claims with your underwriter and provide some “dos and don’ts” to consider when it comes to your firm’s website with your PII underwriter in mind. 
 
Cyber security is a significant issue within the legal profession at the moment. Separate cyber insurance has become increasingly important, but some insurers are no longer prepared to provide separate cyber insurance cover to law firms. We take this opportunity to update you on security measures the remaining insurers will expect you to have.
 
On a broader note, we discuss consolidation of SRA-regulated practices, which is often the subject of discussion in the legal press. It is interesting to review some of the statistics published by the SRA and the Law Society to get a proper understanding of the extent to which the profession is changing and the number of firms that have opened and closed in the last two years against the backdrop of Covid and the introduction of the freelance model.