Solo Attys Ditch Practices Due To Rising Insurance Costs

By Martin Croucher (January 11, 2022, 2:40 PM GMT) -- More lawyers in smaller practices are closing their businesses and becoming consultants because they are unable to afford the rising cost of professional indemnity insurance, a law firm said on Tuesday.

Taylor Rose MW said the number of consultant solicitors it had hired doubled in 2021, partly the result of the impact of insurance pricing on the sector. The company said it had increased the number of consultant solicitors to 350 in November, up from 175 at the same time in 2020.

"Increasing [professional indemnity insurance] premiums have particularly impacted smaller firms and sole practitioners, and it is having a marked impact...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


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

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Law Firms

Companies

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!