Claims against solicitors can be expensive, not just in terms of damages and costs, but also in terms of reputation risks, the amount of time likely to be spent dealing with the claim and a resultant increase in professional indemnity insurance (PII) premiums. A good place to start for any firm concerned about its risk profile and wishing to improve its risk management is to identify the top 10 risks faced by the firm and then consider the steps necessary to minimise those risks. For those with serious concerns, there are specialist risk management firms that can audit firms and prepare risk reports. A firm's risk profile will vary depending on its size and personnel, and the type of work. Property work is the most common source of claims, and commercial and financial work can give rise to the most costly claims; but all areas carry risk.
August 01, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Michael Harvey offers a step-by-step guide for law firms looking to minimise their professional negligence risks and cut their insurance premiums
Claims against solicitors can be expensive, not just in terms of damages and costs, but also in terms of reputation risks, the amount of time likely to be spent dealing with the claim and a resultant increase in professional indemnity insurance (PII) premiums.
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