UK law firms face tough indemnity insurance market
The UK legal profession is bracing for the implementation of the Legal Service Act in October, which is expected to overhaul the sector by breaking the partnership model and opening legal services provision to a range of new entrants.
But this is not the only thing that will be worrying law firms in the UK, according to this article in The Telegraph. One thing that may be preying on the minds of managers of the approximately 10,000 law firms in England and Wales is the need to renew their professional indemnity insurance by October.
There is little fluidity in the law firm insurance market at present, and many firms face a choice between high premiums or being caught in the Law Society’s Assigned Risks Pool – which can do significant damage to the firm’s risk profile and hurt their chances of attracting an insurer at a reasonable premium in future.
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