Statutory regulator offers fix for professional compensation crisis

By Martin Croucher (May 6, 2022, 3:14 p.m. BST) – Most consumers would accept a reduced form of insurance protection in exchange for cheaper legal fees, a lawyer regulator has claimed, after polling the public for solutions to the growing professional liability crisis.

The Legal Services Board said on Thursday that the rising cost of professional indemnity insurance for businesses meant clients were increasingly unable to afford legal advice.

The council, the independent body responsible for overseeing the regulation of solicitors in England and Wales, conducted a representative survey in March of 1,029 people.

The regulator was exploring a potential solution as insurers continue to raise the cost…

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