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Associate Insight: The changing face of risk for law firms

By: Richard Brown, Executive Director, Willis Martin Ellis, Executive Director & Head of Legal Services Practice Group, Willis Colin Taylor, Executive Director, Willis

19 June 2015

Professional Indemnity Insurance (PII) is a cyclical class of insurance. History shows that when the economy is suffering, more negligence claims are made; and as an economy grows out of recession, although notified claims are being paid, the incidence of new claims starts to reduce. This has certainly been the case in recent years following the global financial crisis and the good news is that we have seen a stark reduction in the number of PII claims/circumstances being made to insurers by the legal profession during the last 18 months.

Although the market cycle does influence insurance costs, a firm's claims experience has a considerable effect on the terms negotiated and is one of the main considerations for underwriters. The risks faced by the legal profession from the property boom years are now reducing, however, there are new risks emerging and the continued compliance and regulatory burdens seem to be incr...

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