A total of 136 law firms have shut because they could not get Professional Indemnity insurance.
They had entered a 90-day Extended Policy Period from last October 1, and were given until December 29 to find cover, or else close.
According to the Solicitors Regulation Authority, most closed down in an orderly fashion, but “a small number” did not.
There is now concern that this year’s effort to renew PI insurance will be too much for a number of other firms.
Comments (3)
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