The latest Howden Solicitors’ Professional Indemnity Market Report – July 2023

Posted on01 August 2023

The market is changing and there is a lot to talk about. The solicitors’ PII team at Howden is keeping you informed so you can plan for renewal in 2023.

The latest edition of our bi-annual Market Report, written specifically for law firms, is now available.

At last, we can be cautiously optimistic that we have moved on from the challenges of a hard market to a position of stability, with a promising outlook ahead.

As always there are caveats, particularly given the current economic environment, but the message in this Market Report is more positive than it has been for some time. That’s a breath of fresh air for us at Howden and we are sure it will be for you too.

Watch our welcome video from author Jenny Screech to find out what we're talking about in this edition.

In this edition we discuss the April 2023 PII renewal; provide a forecast for those yet to renew in 2023; highlight the issues currently on your PII underwriter’s radar; and, update you on claims activity. This will provide you with useful insight as your next renewal approaches.

We also explain co-insurance arrangements; review cover for consultants under your PII policy; discuss the SRA’s new rules on health and wellbeing; and, highlight the resolution of PSYROC - good news for law firm mergers and acquisitions.

Read our Market 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