Hundreds of firms face closure after failing to secure insurance By Jonathan Ames 13 December 2013 10:27 17 December 2015 13:22 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 13 December 2013 at 15:40 Surely it is time to abandon compulsory insurance and leave the existence or otherwise of such cover as a factor affecting the attractiveness of a firm to potential clients – a feature of competition. Regulate by all means but this scenario is ridiculous. I have been a sole practitioner for 18 years, have no client account, have never had a claim and have not even had a reason to notify my insurer of any potential claim. Yet the biggest threat to my consistently successful practice is that one day I will not get insurance cover through no fault of my own. Insurance cover merely adds a huge overhead that has to be passed on to clients in higher fees anyway. Sole practioners and smaller firms often offer a cheaper alternative and this benefit to the market is gradually being eroded. These facts are relevant to the debate on whether, on balance, insurance benefits buyers. Just make us all put whether or not we have insurance in big lettering on our websites, letterhead and marketing materials. Most consumer-facing businesses are not required to carry insurance cover and business-facing ones certainly are not. We need to think laterally about alteratives before it is too late. Reply Link Dr Brett Davies 13 December 2013 at 16:59 Lawyers are told to be competitive and act in an ‘open’ market. Why are lawyers required to have insurance? Surely, this is a decision of management in each particular practice. Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD Barrister and Solicitor of the High Court of Australia Legal Consolidated 22 Cornwall Gardens, London, SW7 4AW M: 07528 634 567 I O: 02079 372 555 E: email@example.com I W: http://www.legalconsolidated.com Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.