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Smaller firms bear brunt as insurers raise professional indemnity rates

Just as Clementi rules come in allowing the big corporates into the law industry so the same big corporates are squeezing the life blood out of small firms. A really easy way to get rid of the competition especially as over 70% of law firms are 5 partners or less. If conveyancing was so risky why are the Co-Ops of the world gearing up to enter the market? One wonders whether markets are dictating terms for PII or whether there are other forces at play especially when one sees the total inaction of the Law Society and SRA when small firms have their backs to the wall.

15-Sep-2009

2:32 pm