PII costs ‘not expected to fall in the near term’
Joint research by the Legal Services Board (LSB) and Solicitors Regulation Authority (SRA) has identified key trends in the professional indemnity insurance market. The research found that the average PII premium is now equivalent to 5% of a law firm’s annual turnover but also points to the potential for continued market consolidation as one fifth […]
Consultation on SIF replacement
The Solicitors Regulation Authority (SRA) is consulting on the arrangements and rules of an SRA-run indemnity scheme to provide future consumer protection for post six year negligence in the form of post six year run-off cover (PSYROC). The Solicitors Indemnity Fund, operated by the Solicitors Indemnity Fund Limited, was extended from 30th September 2021 for […]
The perils of paying lip service to cyber risk
In this latest Today’s Conveyancer podcast, host David Opie is joined by Emma Green, Managing Partner at Cyber Data Law Solicitors. A regular commentator on national radio and television, Emma is an expert on cyber crime and alongside spending her time educating firms on the perils of cyber attack, has also spent time negotiating with […]
How firms can protect themselves against cyber attacks
To help the legal profession renew or purchase cyber insurance, the Law Society of England and Wales has published revised and updated guidance outlining how firms can cover costs and losses in the event of cyber attacks. In 2021, after a request from the Prudential Regulation Authority for greater clarity from insurers, the Solicitors Regulation […]
SLC supports changes to provision of PII
The Society of Licensed Conveyancers (SLC) has welcomed changes to the arrangements for insurers for the provision of Professional Indemnity Insurance (PII) for the Licensed Conveyancer profession. From 2023, firms regulated by the Council for Licensed Conveyancers (CLC) will have to submit at least one application for PII two months ahead of the renewal deadline. […]
CLC sets deadlines to improve the PII renewal process
Firms regulated by the Council for Licensed Conveyancers (CLC) will have to submit at least one application for professional indemnity insurance (PII) two months ahead of the renewal deadline, under plans agreed by the governing council and being submitted to the Legal Services Board (LSB) for approval. Insurers receiving applications will then be required to […]
SRA gives key consumer protection another chance
Following consultation on the future of post six-year run-off cover, the Solicitors Regulation Authority (SRA) has announced that it will seek a further 12-month extension to the Solicitors Indemnity Fund (SIF) – to September 2023 – to enable detailed consideration of key points raised in feedback. The consultation, which ran from November 2021 to January […]
Closure of the Solicitors Indemnity Fund
I have previously written in Today’s Conveyancer about the SRA’s proposed closure of the Solicitors Indemnity Fund. If the SRA are not persuaded of the need to retain SIF, then it will close in September 2022. The SRA’s consultation period on the closure of SIF ends on 15th February. It is crucial therefore that as […]
Firms who generate the most complaints will pay more
The Council for Licensed Conveyancers (CLC) has won approval to overhaul how it calculates and collects regulatory fees from the practices it regulates, so it can now recharge more of the cost of the Legal Ombudsman (LeO) to the firms that generate disproportionate levels of complaints. The oversight regulator, the Legal Services Board, has approved […]
Cyber crime clause to provide greater PII clarity
A new clause making it clear what cover will be provided for cyber losses will be added to the minimum terms and conditions of law firms’ professional indemnity insurance (PII) policies. The addition, drawn up by the Solicitors Regulation Authority (SRA) working closely with both the legal profession and insurers, has been submitted to the […]
PII renewal remains challenging: Why? How can you mitigate against it?
By the time this article is published, we will have got through the key 1st October renewal date for SRA regulated Firms, following the immensely difficult CLC renewal earlier in the summer. Overall the Market for Legal Firms’ Professional Indemnity Insurance (PII) remains very challenging, and indeed we have seen some Firms simply being unable […]
Mergers offer route to alternative succession planning
As we come out of the pandemic, a lot of High Street firms seem to be under threat and I believe there will be more law firm consolidation in the SME space during the forthcoming period. Succession planning remains one issue but we are also seeing changes in the professional indemnity market which are impacting […]
Firms explore new funding options as the deadline for PI premiums nears
As you will know, the start of October tends to mark an important financial deadline for many professional practice firms, especially in the legal sector, as it’s traditionally the time when they have to renew their Professional Indemnity Insurance (PI). The insurance is a requirement for lawyers and solicitors, but it also applies to a […]
The Digital Solicitor Podcast: How the LEAP Best Practice Standard helps conveyancers earn more money
The Digital Solicitor Podcast: How the LEAP Best Practice Standard helps conveyancers earn more money The LEAP Best Practice Standard for conveyancers was set-up four years ago as an accreditation mark of excellence achieved by law firms using LEAP’s innovative technology. Through its use of independent, remote and specialist audits, achievement of the standard shows […]
Regulator extends call for evidence on PII
The Council for Licensed Conveyancers (CLC) has extended the deadline for its call for evidence on the operation of its Participating Insurers Agreement (PIA), to help shape a formal consultation later this year, to 31 August 2021. The CLC introduced its Participating Insurers Agreement in 2016, allowing CLC regulated practices to seek cover from any […]
Mitigating the Risk of Cyber Fraud
Conveyancers are a prime target for cyber criminals as they regularly deal with such significant sums of money. Between March 2020 and March 2021, the SRA reported 147% increase in cyber attacks on law firms when comparing the first 3 months of 2020 to the first three months of 2021. The repercussions of cyber attackers […]
CLC confirms 6 practices close due to PII fiasco
The CLC has today responded to confirmation that 6 of its regulated firms have been forced to close following the failure to secure PII cover. In a statement released on the CLC website, the regulator has urged its members to respond to the open Call for Evidence on the operation of PII. The statement in […]
Conveyancers miss SDLT relief resulting in massive overpayments and claims
PI insurer Howdens have reported insurers seeing a significant increase in claims arising from a failure to apply for Multiple Dwellings Relief (MDR) from SDLT resulting in massive overpayments of SDLT to the treasury. The findings came to light at a roundtable hosted by Howden and SDLT Compass convened to discuss opportunities around SDLT relief […]
Conveyancers beware as data stolen from listed law firm
Cyber crime hit the headlines again last week as listed city firm Gateley reported client data had been stolen during an attack on its IT network. A statement to the London Stock Exchange on 16th June confirmed that the firm was managing an incident in which its IT system had been breached and client data […]
SRA extends post run off cover ahead of consultation
The Solicitors Regulation Authority (SRA) has decided to extend the Solicitors Indemnity Fund (SIF) by a further year in order to allow consultation on the future of post six-year run-off cover. The extension is subject to an affordability test because the fund is, in economic terms, now deemed beyond the time when a conventional insurance […]
