Howden Market Report- Solicitors’ Professional Indemnity Insurance July 2022

Posted on25 July 2022

Howden is on your side as you navigate your way through the PII renewal process. Stay informed with our latest market update.

In our latest Market Report we examine the outcome of the April 2022 solicitors’ PII renewal and provide 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.

Click here to read the report >>

Burges Salmon has been an enthusiastic supporter of BLS for many years. BLS provides a valuable role in uniting and promoting the whole of the legal sector across Bristol to benefit both its members and the city. It facilitates collaboration across the sector to ensure that we can all make a difference. Whether that is driving important initiatives in, for example, Equality, Diversity and Inclusion and the use of new technologies, liaising with stakeholders and charities in our wider community or providing training to generations of lawyers, the service and support provided by BLS is invaluable. More recently BLS has taken a lead on promoting Bristol’s legal brand, encouraging legal and business services talent to come to the city, which in turn attracts clients and inward investment to our thriving and vibrant commercial community. BLS breaks down barriers and brings those in the profession together for the greater good. We are proud of our long-standing association with BLS.
Roger Bull - Managing Partner, Burges Salmon
Three things to say about my experience of working with Bristol Law Society. Their central team, council members and general hangers-on are just about the nicest, most generous group of people working in the legal sector today. The numerous events, awards, socials and conferences I’ve had the pleasure to attend over the years have been, without exception, top quality and supremely organised. And, thirdly, they consistently exceed and challenge the boundaries of what lawyers might assume a regional Law Society will restrict activities to – from a hugely successful charitable school meals drive to corporate social responsibility and diversity campaigns to being joint architects and coordinators of the region’s unique Bristol+BathLegalTech group, which it has been my privilege to co-chair for the last five years.
Chris Bull - Principal, Edge International
As one of the leading Insurance brokers for law firms in the UK and with a large presence in Bristol it seemed only natural for us to support the Bristol Law Society. Bristol Law Society is one of the oldest and most vibrant of the Law Societies in England and Wales. We are pleased to be working with them on important matters relating to law firms’ liability insurances and Risk Management. From Sole Practitioner to Top 20 law firms we are sure our two organisations can provide excellent support and assistance for the challenges faced by the legal profession.
Matthew Baker - Financial Lines Group, Howden Insurance Brokers Ltd
Joining BLS in 2013 and becoming President in 2018/19 has created many longstanding friendships and business relationships, whilst also unlocking doors to other opportunities in the City. BLS enabled a perfect balance of professional development and also opportunities to give back to the legal and wider community. I am pleased that my Firm has supported BLS in many capacities since 2013 and continues to do so.
Nicholas Lee- Managing Director of Paragon Costs Solutions and Past President of BLS