By Martin Croucher (January 11, 2022, 2:40 p.m. GMT) – More lawyers in smaller firms are closing their businesses and becoming consultants because they cannot afford the rising cost of professional liability insurance a law firm said on Tuesday.
Taylor Rose MW said the number of legal counsel he hired doubled in 2021, in part due to the impact of insurance pricing on the industry. The company said it had increased the number of legal counsel to 350 in November, from 175 at the same time in 2020.
“Increasing [professional indemnity insurance] the premiums have particularly hit small businesses and independent practitioners, and this is having a marked impact …
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