These two firms are among eleven who have had to close in Yorkshire due to failing to pay the increasingly expensive Professional Indemnity Insurance (PII) over the festive period.
Bradford-based Megsons Personal Injury and Bingley-based White Solicitors have both been shut down by the SRA in order to protect customers and third party interests.
We’ve blogged about this issue before Christmas, warning the SRA are keeping a close eye on law firms who are struggling to get enough cover. Firms were also unable to take on any new contracts until they were appropriately insured. It was predicted over a hundred law firms would be affected leading up to the deadline of 29th December. The SRA have now confirmed 136 law firms have been forced to close.
Help for lawyers
If you are worried about high PII costs affecting the business’s cashflow, we can help. If you are concerned about your firm becoming insolvent, act quickly and you may be able to turn it around. Visit KSA Group’s page on Help for Lawyers: www.ksagroup.co.uk/help-for-lawyers