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Storm survival: How mid-sized law firms can reduce their PII premiums

Mid-market firms can reduce their PII premiums by obtaining independent accreditation and joining a group scheme, says John Thomas

17 June 2013

Basic survival against mounting competition, compliance and risk management, the post-Legal Services Act environment and bleak economic conditions are all big threats to small to mid-sized UK law firms, which do not have the scale of larger firms to weather the storm.

Alongside that, there is continuing uncertainty in professional indemnity insurance (PII), which is one of the biggest costs for any law firm. It’s probably one of the top three expenses, yet many managing partners simply don’t know what their firms are spending on PII. Not many can calculate it to the nearest £10,000 and some have no idea at all, having devolved responsibility to the ‘insurance partner’.

But, if you don’t know what PII is costing your firm, how can you focus on getting a better deal and managing costs down? You don’t have to take the premium on the chi...

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