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Solicitors’ firms feel the pressure as professional negligence claims soar

News | Mon 12th Jan, 2015

The Solicitors Regulation Authority is considering launching judicial review proceedings against the Legal Services Board’s refusal to lower the minimum level of professional indemnity insurance cover to £500,000.

Coverage is a more pressing issue than ever given that, in 2013, the number of negligence claims brought in the High Court against solicitors increased almost threefold, according to figures from law firm RPC. The stark rise may be explained by a last-minute rush to issue claims 6 years after the 2008 financial crisis, however, and is unlikely to reflect a long-term trend.

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