Professional indemnity essentials for law firms
LINDSAY WOOLRYCH: We continue to see recurring issues in claims brought against law firms, particularly within the property, corporate, and litigation practice areas. In property, mis-planning issues and SDLT errors remain common triggers. In corporate work, we're still seeing issues with drafting errors and negligent tax advice, which are driving the claims in this area.
And in litigation, it's often that we see missed limitation dates or failure to comply with court directions. But we're also seeing risks evolve. Cyber incidents are on the rise, particularly those involving fraudulent redirection of client funds. These events can trigger both cyber and professional indemnity policies and require careful management across several policies and insurers.
Regulatory matters are also becoming more common. The SRA is getting more proactive, with firms coming under pressure around areas like AML compliance, conflict checks, and client care. These issues can often run in parallel with professional indemnity or disciplinary exposures, making the landscape more challenging to navigate.
LINDSAY WOOLRYCH: One of the most common challenges firms face is knowing when and how to notify these types of issues to their insurers. Late notification or incomplete information can impact insurers response on coverage, which is why early engagement is so important. At Willis, we understand the unique challenges law firms face when it comes to professional indemnity claims. We offer a dedicated claims advocacy service designed to support our clients through every step of the process.
As the claims advocate, I work closely with clients from the moment an issue arises, helping you frame your notification properly, and making sure it's supported by the right information. We engage early with insurers, applying our technical expertise to make sure we're ahead of any issues. Because we understand the legal, procedural, and regulatory aspects of your work, we can often anticipate how insurers might respond and help avoid unnecessary delays.
Our long standing relationships with insurers means we're able to challenge decisions constructively and work towards getting claims paid as efficiently as possible. Ultimately, our goal is to reduce the burden of the claims process, protect your firm's reputation, and secure the best possible outcome for every claim.
