Howden: Solicitors PII Market Report – January 2024

Posted on30 January 2024

Let's bring you up to date with what's happening in the Professional Indemnity Insurance (PII) market and other issues relevant to the legal profession.

In recent years law firms have weathered challenging premium increases. As a broker, Howden continued to work on new capacity to join the solicitors’ PII market. We firmly believed that this would be an important part of moving us on through the hard market cycle.

In August 2023 we were delighted to introduce the first meaningful new capacity to the solicitors’ PII market for some years, and this is exclusive to Howden clients. We talk about this in further detail in the report.

We know that 2024 will be a tough year for many firms as the impact of the broader economic environment continues to bite. At least there is more stability in the PII market than we have seen for some time. We want to reassure firms that we are here to assist in any way we can.

What are we are forecasting for solicitors’ PII in 2024? What issues do underwriters currently have on their radar?

Our latest market report discusses these issues and more. We provide our analysis of the October 2023 PII renewal and offer some guidance on calculating your gross fee income for PII purposes.

If your firm is considering the purchase of a will bank, there are some wise words of caution. And if you have ever wondered what the cover position would be if the bank holding your client account went bust, we suggest you read on…….although let’s all hope that never happens!

Howden's Solicitors' Market Report January 2024

We provide our forecast for solicitors’ PII in 2024, consider the issues currently on your PII underwriter's radar, offer our analysis of the October 2023 PII renewal and give guidance on calculating your gross fee income for PII purposes.

If your firm is considering the purchase of a will bank, there are some words of caution and we outline what your cover position would be if the bank holding your client account went bust.

Read the latest Solicitors' PII Market Report here

Burges Salmon has been an enthusiastic supporter of BLS for many years. BLS provides a valuable role in uniting and promoting the whole of the legal sector across Bristol to benefit both its members and the city. It facilitates collaboration across the sector to ensure that we can all make a difference. Whether that is driving important initiatives in, for example, Equality, Diversity and Inclusion and the use of new technologies, liaising with stakeholders and charities in our wider community or providing training to generations of lawyers, the service and support provided by BLS is invaluable. More recently BLS has taken a lead on promoting Bristol’s legal brand, encouraging legal and business services talent to come to the city, which in turn attracts clients and inward investment to our thriving and vibrant commercial community. BLS breaks down barriers and brings those in the profession together for the greater good. We are proud of our long-standing association with BLS.
Roger Bull - Managing Partner, Burges Salmon
Three things to say about my experience of working with Bristol Law Society. Their central team, council members and general hangers-on are just about the nicest, most generous group of people working in the legal sector today. The numerous events, awards, socials and conferences I’ve had the pleasure to attend over the years have been, without exception, top quality and supremely organised. And, thirdly, they consistently exceed and challenge the boundaries of what lawyers might assume a regional Law Society will restrict activities to – from a hugely successful charitable school meals drive to corporate social responsibility and diversity campaigns to being joint architects and coordinators of the region’s unique Bristol+BathLegalTech group, which it has been my privilege to co-chair for the last five years.
Chris Bull - Principal, Edge International
As one of the leading Insurance brokers for law firms in the UK and with a large presence in Bristol it seemed only natural for us to support the Bristol Law Society. Bristol Law Society is one of the oldest and most vibrant of the Law Societies in England and Wales. We are pleased to be working with them on important matters relating to law firms’ liability insurances and Risk Management. From Sole Practitioner to Top 20 law firms we are sure our two organisations can provide excellent support and assistance for the challenges faced by the legal profession.
Matthew Baker - Financial Lines Group, Howden Insurance Brokers Ltd
Joining BLS in 2013 and becoming President in 2018/19 has created many longstanding friendships and business relationships, whilst also unlocking doors to other opportunities in the City. BLS enabled a perfect balance of professional development and also opportunities to give back to the legal and wider community. I am pleased that my Firm has supported BLS in many capacities since 2013 and continues to do so.
Nicholas Lee- Managing Director of Paragon Costs Solutions and Past President of BLS