For many solicitors, the annual task of renewing professional indemnity insurance (PII) can feel daunting, not only because it’s compulsory but also because it can be a major expense. This is especially true for those working in residential property law, where the risks and premiums are often higher.
One of the advantages of working as a consultant solicitor with Taylor Rose is that you don’t have to shoulder this responsibility alone. We provide Grade A PII cover up to £20 million across a wide range of legal services, giving you peace of mind. And if your client’s transaction goes beyond our standard cover, we’re able to arrange additional protection (subject to approval), ensuring both you and your client are fully supported.
What Is Professional Indemnity Insurance?
PII protects solicitors against claims from clients (or third parties) who may experience loss because of advice or services we provide. In simple terms, it’s there to cover the costs if a mistake is made, or even if a client simply alleges one.
Why Property Solicitors and Lawyers Often Pay More
Property work carries higher premiums because:
- The sums of money involved are significant.
- Clients often expect a seamless process when buying or selling a home.
- Conveyancing has historically seen more claims than many other practice areas.
This means sole practitioners working in residential property often face particularly high insurance costs, as does any consultant solicitor or lawyer considering going alone and building their own business.
Did you know?
The latest Mustard Research (for the Law Society) found that from 2022 into 2023:
- The median premium increased by 12%, from approximately £14,200 to £16,000.
- Conveyancing firms saw premiums rise by 25% (from around £40,000 to £50,000).
- Sole practitioners faced a 15%+ increase (from £6,410 to £7,383).
Why Consultancy Can Help
Becoming a consultant solicitor / lawyer can make managing PII far easier:
- You are included under Taylor Rose’s Professional Indemnity Insurance, so you don’t have to fund your own expensive policy.
- We handle renewals and compliance, freeing you up to focus on clients.
- Legal Consultancy removes one of the biggest financial barriers to working independently.
- Without the insurance burden, you can give your full attention to delivering excellent service.
In summary, professional indemnity insurance is essential for every solicitor and lawyer, but it can be particularly challenging for residential property law practitioners who want to work alone. Legal Consultancy offers a supportive alternative, giving consultant solicitors and consultant conveyancers comprehensive cover while reducing both cost and stress, so you can practise with confidence.
Working as a legal consultant under our firm’s structure means you are covered by our PI policy, avoiding the high solo premiums, giving you peace of mind, and supporting a great work-life balance.
Would you like to find out more? If you are interested in learning about our Legal Consultant Programme or making an application, please complete our Contact Us form, or call on 020 3551 8100, our Taylor Rose Recruitment Team will be happy to assist you.