Professional Perils


No reduction in professional indemnity costs from reform says Law Society


The Law Society of England and Wales has found “no compelling evidence to suggest that reforms would provide a significant reduction in the cost of professional indemnity insurance (PII) to firms, and therefore reduce the cost of legal services for consumers.” The view was based on analysis of statistics on PII claims published by the Solicitors Regulation Authority (SRA). Law Society president Robert Bourns said: “It is important that the SRA’s PII regime is reviewed on a regular basis so it responds to changes in the marketplace and the wider economy. We are grateful for this latest data on patterns of PII claims as it helps inform thinking on the PII regime. It is extremely useful for gaining an overview of a complex market.”