The majority of law firms had to pay higher professional indemnity insurance (PII) costs in the latest renewals season with rates to rise further in October, according to a report from Lockton Solicitors.
In its latest review, the firm also warned of a rise in contentious probate claims.
Other than small firms with fewer than three partners, law firms have paid at least 30 per cent more for their PII renewal in the spring 2021 season. The data sample used was based on Lockton placing more than 533 firms for the spring period.
Commenting on the hardening insurance market conditions in the report, Lockton partner Brian Boehmer said October 2020 was tough, but the conditions that practices experienced leading u...