From 7th March this year Homes Solicitors LLP closed their doors, citing the excessive costs of Professional Indemnity Insurance premiums as the reason for closure.
Homes Solicitors said that ‘despite not having a claim against us our premiums quadrupled and this made it financially impossible for us to continue practicing under the Solicitors Regulation Authority.’ Homes Solicitors were forced to change their structure to that of Licensed Conveyancers and are now trading as Conveyancing Expert Ltd, maintaining PII cover worth £2 million, in order to protect their clients. The Council for Licensed Conveyancers sources PII on behalf of its members meaning that premiums can be substantially reduced whilst still maintaining the best cover.
Conveyancing Expert Ltd who will be managed by the same Partners/Solicitors said:
“We feel disappointed that we have had to take this course of action as it has been disruptive to us as a business. However, we have ensured that this disruption does not in any way affect current or future clients”.
You can read the full statement from Homes Solicitors here
As the future unfolds will we find that more and more firms are having to resort to changing structure in order to survive escalating costs?
Are there other firms out there that are in the same position as Homes were, or are you in that position — what can be done so that these firms can overcome the issues?
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