Taylor Rose MW CEO Adrian Jaggard comments on how compliance and rising costs are driving consultancy growth in the legal profession

The ongoing rise in Professional Indemnity Insurance (PII) costs is having a significant effect on how sole practitioners will be able to operate in the future. A recent industry report suggests SME firms in the legal sector have ended up forking out on average 30 per cent more for their cover due to hikes in PII premiums.

How does the rise in premiums make consultancy more attractive?

Such an increase is having a particular impact on smaller firms and sole practitioners, affecting their appetite and financial capability to keep operating independently. Research from Mazars suggests closures of law firms over failures to obtain insurance have increased sixfold in five years. The accumulation of rising costs a...

Adrian Jaggard
CEO
Taylor Rose MW

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