Biggest worry for Irelandís solicitors is cost of Professional Indemnity
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According to the results of an independent survey undertaken on behalf of the Dublin Solicitors Bar Association, the biggest worry that their member law firms have is the cost of their professional indemnity insurance. In the view of the Associationís president, this can be explained by the dramatic increase in premiums that has taken place in the last two years, primarily as a result of property-related malpractice.
As reported on irishtimes.com, even a small practice could now be facing an annual premium of up to Ä20,000. If there are any outstanding claims against the firm, that figure could easily double.