Cutting back mandatory professional indemnity insurance (PII) for solicitors would be bad for partners, law firm employees and clients alike, the Law Society of England and Wales said in response to a Solicitors Regulation Authority (SRA) consultation.
“The proposals would radically reduce financial protections for clients and solicitors and are without merit,” Law Society deputy vice president Simon Davis said.
“Clients, employees and solicitors would bear significantly higher risk, but there is no evidence this would be counterbalanced by lower insurance premiums.
“Solicitors and their clients are protected by copper bottomed insurance, which is appropriate given the gravity of many of the issues we deal with for businesses and individuals.”
Read the full article on The Law Society Website here.