Legal sector 'to struggle with higher Professional Indemnity (PI) costs' - PI for Solicitors

4/12/2008

The legal services sector is set to be hit hard by increasing Professional Indemnity (PI) insurance premiums as the financial crisis makes its impact, it has been reported.

In an article in the Times, it was stated that although law firms may not be currently feeling the effects of the economic downturn as heavily as those in other industries, "the strain is beginning to show".

As such, it was reported that legal services firms are set to find themselves "fighting for survival" over the space of the coming months due, in part, to the effect of higher PI costs.

Meanwhile, it was claimed that banks taking steps to tighten access to lines of credit and attempts by clients to delay paying bills will also see the sector struggle.

Marc Riches, Director Of Solicitors Specialist PI Broker PYV Legal, commented: "Given the deteriorating economic climate and the likely difficulty in obtaining competitive terms next year it is vitally important that Solicitors' Practices use a quality experienced PI Broker like PYV to provide the assistance you will need and keep your PI costs to a minimum."

Click here for more information on Professional Indemnity Insurance for Solicitors.

Click here for more information on Professional Indemnity Insurance in general.


PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

(c) 2008 Adfero Ltd.

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