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Do you know your practice? | Feature

The rising cost of professional indemnity insurance (PII), a critical aspect of running a law firm, has forced many firms to shutter. In the financial year ending June 2022, costly PII forced 37 law firms to close. However, the legal profession can be cautiously optimistic, claims Law Society President Lubna Shuja. Firms with a good claims record and strong risk management might see a drop, or at least a leveling off of premiums, offering some relief after years of a hard market with skyrocketing premiums. Additional underwriter confidence is stemming from increased market capacity, with new entrants and existing insurers adding to their capacity.

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