Legal Regulator Floats Fix For Professional Indemnity Crisis
By Martin Croucher (May 6, 2022, 3:14 PM BST) -- Most consumers would accept some form of reduced insurance protection in exchange for cheaper legal fees, a lawyers' regulator has said, after polling the public for solutions to the growing professional indemnity crisis.
The Legal Services Board said Thursday that the rising cost of professional indemnity insurance for firms meant that clients were increasingly unlikely to be able to afford legal advice.
The board, the independent body responsible for overseeing the regulation of lawyers in England and Wales, carried out a representative survey in March of 1,029 people.
The regulator was exploring a potential fix as insurers continue to raise the cost...
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