Soaring professional indemnity insurance (PII) costs have recently seen two successful conveyancing firms absorbed by 360 Law Group.
This will come as ominous news for some firms given the secure and long-standing nature of the firms, namely J Pearlman, which has operated in north west London since 1971, and Bradleys Property & Probate Lawyers, which ran run in Frimley since 1991.
J Pearlman was acquired in May, with the acquisition of Bradleys being announced on Friday. This forms part of 360 Law Group’s plans to acquire three or four firms this year. Robert Taylor, chief executive and general counsel at 360 Law Group, said:
“I am delighted to welcome Allan and his clients to the 360 family, and we will ensure that all their legal needs are met with the same high quality and personal attention. But it is also distressing to see a thriving firm with an excellent reputation serving their local community being forced to close its doors.
The crippling costs of PII continues to have a devastating effect on UK solicitors and their customers. It is an issue that remains one of the biggest threats to smaller law firms and the outcome will be that only the largest of firms can afford the hikes in PII, resulting in less choice and higher costs for consumers.”
Allan Becker of J Pearlman commented:
“It is obviously very disappointing to close the business which I joined in 2002, but I’m delighted that we can continue to support our clients.”
Bradleys Property & Probate Lawyers’ Nigel Bradley said:
“I will remain with 360 Law Group during the transition and will also maintain my role on the board of the Society of Licenced Conveyancers. I’m keen to drive innovations in the conveyancing sector and on probate issues to benefit both the profession and the consumer.”
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