Management- Professional Indemnity: Lifting the burden
With the risk management differential between various elements of the legal services sector wider than ever, is now the time for the debate on the minimum terms and conditions of solicitors' PI cover to begin in earnest? Dave Coughlan reports
It is a well-known and well-discussed fact that professional indemnity (PI) insurance is a significant operating cost for solicitors. In fact, with an average firm paying upwards of 5% of their annual fees for PI cover, solicitors are paying up to three times more than other professionals, such as accountants.
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