The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
More than 150 firms could face closure after being unable to get professional indemnity insurance (PII) on the open market.
Last month the SRA said 185 firms had applied to enter the extended indemnity period (EIP) (9 October 2013). Those firms were given 30 days in which to find cover or be forced into the second phase – the cessation period – when they are prevented from taking on new business while trying to find cover.
That deadline has now run out. In total, 153 firms are now unable to accept new instructions. If they fail to find PII cover before 29 December, the firms will have to close.
This is the first year for the newly implemented PII regime, which was introduced in an attempt to stabilise the market (14 April 2011).
Many fear that firms with fewer than 10 partners will be hardest-hit after fluctuation in the markets with insurers pulling out of the sector. In September underwriter Berliner exited the market, leaving more than 1,000 firms trying to find cover in the run up to the 1 October deadline (20 September 2013).
This came after XL Insurance and AIG announced plans to significantly reduce their market share while Aon Risk Solutions extended its exclusive arrangement with QBE Insurance to take a larger market share (15 August 2013).