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PII renewal season: Claim trends

Steve Holland assesses the pattern of claims notifications seen in different practice areas and advises firms on preparing for this year's PII renewal

8 July 2015

All areas of practice for law firms have seen an increase in claims notifications during the past few years, prompted by the start of the financial crisis. Overall, claim notifications peaked in 2011/12, showing an increase of more than 300 per cent since 2007, fuelled in large part by valuations in the residential property sector.

The City of London law firm RPC has reported that the number of professional negligence cases brought in the High Court against solicitors tripled in 2014, rising from 143 in 2013 to 418 in 2014. This peak in claims in the High Court mirrors the jump Lockton saw in original claim notifications during 2011/12.

There is speculation that many of these notifications were issued in order to protect against expiration of the six-year limitation period. The good news is that we’ve seen claims notifications reduce for the first time since the start of the recession...

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