What’s going on with solicitors’ PII? Uncover the latest in Howden’s Market Report

Posted on01 February 2022

Professional Indemnity Insurance (PII) is fundamental to the success and stability of every law firm. As specialist brokers for the legal profession, Howden understand the importance of keeping the profession informed so that firms can plan for your next Professional Indemnity Insurance (PII) renewal - you don’t want any surprises when it comes to the cover you need to stay in business.

A discussion regarding PII cover for work undertaken abroad or involving foreign law or overseas-based clients will be of interest to a number of you and if you are a solicitor with the responsibility for supervising junior lawyers, we include an article you can share with them on the basics of PII. Wellbeing within law firms is currently a hot topic for the SRA and should be on every law firm’s agenda. We are pleased to reveal some important insights from our specialist Employee and Benefits team on this important issue.

In our latest Market Report Howden examines the outcome of the October 2021 solicitors’ PII renewal and provides insight into what your firm can expect from the market in 2022. We also share with you some recent claims stats and offer the inside track on issues currently on your underwriter’s radar so you can consider what you might need to do in advance of your 2022 renewal.

There are a number of SRA-related issues currently circulating worthy of an update, including "silent cyber" and the current consultations regarding post six-year run-off cover and the SRA’s proposal to increase the fines it can levy against the profession.

The Market Report is available here: https://view.publitas.com/howden-uk-group/solicitors-market-report-january-2022/page/1

In the meantime, you may be interested in the following Employee Benefits content which has recently been published:

News:

https://www.howdengroup.com/uk-en/Law-firms-to-see-once-in-generation-shift-in-employee-benefits-and-wellbeing

Resources:

https://www.howdengroup.com/uk-en/changing-face-law-firm-wellbeing-pii

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