Statutory regulator offers fix for professional compensation crisis

0
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…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Share.

About Author

Comments are closed.