Professional Indemnity Insurance for SRA-Authorised Law Firms
SRA-authorised law firms must maintain qualifying Professional Indemnity Insurance with an SRA participating insurer. PLB provides specialist broking support to established practices, start-up firms and SRA-licensed bodies seeking insurance that complies with the SRA Minimum Terms and Conditions.
Risk Exposure
Why SRA-Authorised Law Firms Need Professional Indemnity Insurance
Every SRA-authorised law firm carrying on private legal practice must take out and maintain qualifying Professional Indemnity Insurance with an SRA participating insurer. The policy must comply with the SRA Minimum Terms and Conditions.
The terms available will depend upon factors including the firm's structure, trading history, areas of practice, fee income, claims experience and risk-management arrangements.
Although conditions in the wider solicitors' Professional Indemnity market have improved, insurer appetite can remain selective for start-up and smaller firms, particularly where there is limited trading history or exposure to areas of work viewed as higher risk.
PLB understands the SRA insurance framework and the factors commonly considered by solicitors' PI insurers. We present each firm's circumstances clearly and seek appropriate and competitive terms from suitable markets.
Scope of Cover
PI Insurance for Different Types of Law Firm
PLB assists established practices, start-up firms and SRA-licensed bodies, including Alternative Business Structures, seeking qualifying Professional Indemnity Insurance.
Insurer appetite and the terms available will depend upon the firm's structure, experience, areas of practice, claims record and overall risk profile.
Illustrative Claims Scenarios
Typical Claims Scenarios
These scenarios are illustrative examples only. Liability and any insurance response would depend upon the circumstances of the claim and the applicable policy terms.
Conveyancing Search Failure
A firm fails to identify a material planning restriction during a property transaction. The purchaser alleges that the restriction reduced the property's value and pursues the firm for the alleged diminution in value and associated costs.
Missed Court Deadline
A firm fails to file court documents within the required period and the client's claim is struck out. The client alleges that the error caused the loss of an opportunity to pursue the underlying claim and seeks damages from the firm.
Will Drafting Error
A solicitor fails to reflect the client's instructions accurately when preparing a will. Following the client's death, a beneficiary alleges that the drafting error caused financial loss and brings a claim against the firm.
Failure to Identify a Conflict
A firm acts for clients whose interests subsequently diverge but fails to identify or manage the conflict appropriately. One client alleges that the firm's continued involvement caused financial loss and unnecessary legal costs.
Why Choose PLB
Specialist PI Broking for SRA-Authorised Law Firms
Sector Expertise
We understand the regulatory and professional risks faced by SRA-authorised law firms and seek qualifying insurance reflecting the firm's disclosed activities and risk profile.
Market Access
Access to specialist SRA participating insurers and underwriting markets familiar with solicitors' Professional Indemnity risks.
Personal Service
Deal directly with an experienced Professional Indemnity broker who will discuss your firm, areas of practice and insurance requirements with you.
Frequently Asked Questions
SRA-Authorised Law Firms — Common Questions
Get Started
SRA-Authorised Law Firms — Request a Quotation
Complete the form and a specialist Professional Indemnity broker will review your firm's details and contact you within one working day.