PI increases 'cause of concern for solicitors'

07/01/2010

Written by Marc Riches

Rising Professional Indemnity (PI) insurance expenses is proving to be an area of difficulty for many north-west law firms.

Such is the assertion of Richard Glithero, head of insolvency for Pannone, who claims that a record number of practices in the region could become insolvent this year, due to problems managing the cost of PI.

He points out that sole practitioners, small firms and those practices which rely on conveyancing work could be particularly vulnerable to going under.

Mr Glithero adds that the number of smaller law firms entering into the insolvency process could rise by as much as 20 per cent over the course of this year.

Marc Riches, Director of solicitors specialist PI broker PYV Legal, commented that "Many practices are indeed finding it difficult in this financial climate, all the more reason then to have an expert specialist broker on your side to fight your corner and mitigate insurance costs as much as possible - it could be the difference between survival or not."

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