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News - Broker questions solicitors' outlook.
(From Post Magazine)
Byline: Ralph Savage.
More than three-quarters of solicitors affected by fallout from the collapse of The Accident Group do not expect to see a rise in premium when they renew their professional indemnity.
According to research from broker Alexander Forbes Professions, 77% of those affected do not think their rates will rise. However, Martin Ellis, director at Alexander Forbes Professions, was less confident of these solicitors' chances of getting a good quote: "It will be the firms with the most effective risk management procedures and good claims records in place which will benefit most."
He continued: "Solicitors which have taken on cases from claims farmers such as The Accident Group may find it harder to obtain competitive terms, despite the confidence of many lawyers taking part in the survey."
In general terms, the research found that over two-thirds of law firms expect their professional indemnity rates to fall. In addition, 70% of solicitors felt that clients have become increasingly litigious over the past five years.
It added that 78% feel that the open market has made solicitors more risk aware.
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