Insuring law firms is a risky business – insurers will often pay back 80% of the premium paid by the practice in claims. This is one reason why the cost of securing professional indemnity insurance (PII) cover has spiralled in recent years, and why insurers’ requirements are getting stricter.
The report discusses recent changes within the PI insurance market that have had an impact on availability of cover and cost of premiums – including the failure of insurers in the market; the property boom pre-2008, which has led to an increase in claims and fraudulent transactions; and the subsequent economic downturn, which has raised questions over the financial stability of practices.
The report outlines the factors which will affect the renewal process in 2014, and provides expert advice on developing a framework to ensure a law firm is prepared for the in-depth scrutiny of the insurance brokers they apply to. It also examines what the future holds for PI insurance.
Chapter 1: Introduction – The legal market gets a wake-up call
Chapter 2: Business goes social
Chapter 3: The large law firm as a laggard in the social arena
Chapter 4: Arguments for and against the social firm
Chapter 5: Putting social into practice
Chapter 6: Key elements of a social firm
Check our Executive Summary and full table of contents here