Want to know what is happening with solicitors’ PII in 2023?

Posted on25 January 2023

Howden is keeping you informed so you will be one step ahead for you next renewal.

In the latest Market Report Howden examine the outcome of the October 2022 solicitors’ PII renewal and forecast what you can expect in 2023. This discussion also highlights issues that are causing PII underwriters concern, providing useful insight as your next renewal approaches.

Given today’s challenged economy Howden understand that law firms will be focused on achieving the best outcome they can at renewal. They discuss how to showcase your firm at renewal with a supplementary document that goes beyond the proposal form to give underwriters a more complete view of your firm.

Watch the welcome video from author Jenny Screech to find out what to expect in this edition.

https://vimeo.com/786589602/4da259e5a1

PII cover for overseas offices is also the subject of an article in this edition. If you are considering opening an office outside England and Wales, this article will be a good starting point to ensure that you understand what the options are for PII cover.

You might also be interested to know more about the agreement that your insurer signs up to with the SRA in order to offer PII to law firms. There are some provisions in the agreement that might surprise you and are useful to be aware of.

Finally we discuss the issue of law firm mergers and acquisitions having recently seen an increase in this activity across the profession. We highlight some of the “successor practice” issues involved and point you in the direction of our more comprehensive article discussing this issue that we have recently updated.

Download the full market report here: Howden Insurance Brokers Ltd - Solicitors’ Market Report January 2023 - Page 1 (publitas.com)

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