Bradford, United Kingdom, September 19, 2014 --(PR.com
)-- Professional negligence claims against solicitors cost around £250 million annually, notwithstanding the additional costs of defending claims.
Additional negligence claims involving other legal service providers, such as conveyancers, legal executives and barristers, pushes this figure up even higher.
Commenting, Kevin Burke, spokesperson for solicitors professional indemnity insurance brokers Total Insurance, said:
"The size of solicitors professional negligence claims are undoubtedly a concern for solicitors.
"Firms may implement the best risk management processes to reduce the likelihood of these claims occurring, but problems can arise in even the best-run practices.
"Time constraints, administrative errors and regulatory compliance issues are turning up the pressure on solicitors, and could see the overall number of claims rise even higher in coming years.
"To protect themselves, solicitors should use the advisory service offered by solicitors PII brokers, so they can defend themselves against claims without breaking the bank and settle claims quickly when required.
"Managing costs is important for firms in all industries, especially as the UK economy slowly gathers pace, but it is particularly essential for solicitors, who are seeing their profit margins shrink in the face of LAPSO, the referral fee ban and success fee caps.
"We hope that solicitors who wish to manage their costs for the coming year have already sent off their professional indemnity insurance proposal forms!"
Notes for editors
Total Insurance is a commercial insurance broker that specialises in solicitors professional indemnity insurance. Call 01254 355533 or 01274 360210 to speak with them, or visit http://totalinsurance.uk.com.