The SRA proposals: will solicitors benefit?
By Mark Carver
Many in the profession and the insurance industry believe the solicitors’ professional indemnity (PI) market is broken, and has been for some time. Many opinions have been expressed as a result of the recent SRA consultation – from frustration over the proposal to prohibit unrated security to optimism that compulsory cover will mean reduced premiums and increased choice.
However, other than soundbites there has been little behind the headlines in the way of evaluation. To gain some insight we must turn to the detail. The consultation addresses the following proposals: reducing the mandatory level of PI cover to £500,000; introducing an aggregate limit on claims; reducing run-off cover to a minimum of three years; and allowing firms to assess the level of cover appropriate for their organisation.
The SRA states that these proposals are designed to ‘ensure that regulation is proportionate and targeted’, and are designed to ‘reduce costs for legal services providers and consumers’…
Click on the link below to read the rest of the Miller briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
Briefings from Miller Insurance Services LLP
In the last of his two-part series, Mark Carver shows how the PI proposals will benefit insurers more than firms.
Following his two-part series in June, Mark Carver discusses the impact of the SRA reforms on all firms.