Solo Attys Ditch Practices Due To Rising Insurance Costs
By Martin Croucher (January 11, 2022, 2:40 PM GMT) -- More lawyers in smaller practices are closing their businesses and becoming consultants because they are unable to afford the rising cost of professional indemnity insurance, a law firm said on Tuesday.
Taylor Rose MW said the number of consultant solicitors it had hired doubled in 2021, partly the result of the impact of insurance pricing on the sector. The company said it had increased the number of consultant solicitors to 350 in November, up from 175 at the same time in 2020.
"Increasing [professional indemnity insurance] premiums have particularly impacted smaller firms and sole practitioners, and it is having a marked impact...
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