Some 175 law firms shut with no PII, others trade illegally
Frank Maher, partner at Liverpool firm Legal Risk, claims as many as 175 law firms closed when they failed to get professional indemnity insurance (PII) before the October deadline, the Law Society Gazette reports.
A handful of solicitors are trading illegally without cover, it says. Some firms have failed to make an Assigned Risk Pool (ARP) application or inform the Solicitors Regulation Authority but have continued to trade without cover. They will be liable for penalty premiums should they make a late application to the ARP.