It is generally held among professional indemnity insurers that solicitors have the highest frequency of claims. Training that is specific to City legal practices is likely to improve customer understanding and wider risk management over time, but firms need to invest more now in management training. Part of the reason may be the number and complexity of transactions solicitors undertake, and the wide scope of retainer compared with other professions. Other reasons may be the nature of power relations in law firms and ethics.
Solicitors today make largely the same mistakes as five to 10 years ago. Administrative issues dominate – time limits missed, simple drafting errors and incorrect forms or procedures. Mistakes of law are less frequent.
