Are you one of the 175 firms who have told the SRA you can’t get PI?
There are 175 firms the SRA (Solicitors Regulatory Authority) know about that do not currently have PI renewals in order after 1 October renewal date. This means 175 firms have informed the SRA, but how many haven’t? This is unknown and something nobody wants to think about because the number could be huge.
If you are one of the 175 (or more) who haven’t been able to review your PI cover at an adequate level or for a competitive price, do you have a contingency plan ready? If you haven’t then the lack of control of your practice and its future will cause enormous concern for the SRA when they do find out, and the possibility of intervention becomes very realistic. I can assure you as the Administrator of Blakemores an intervention will not do anyone any good.
You need to have a contingency plan in place to conduct an orderly wind down of your practice as there is a real possibility you will need to execute it.
If you can’t prepare this alone, don’t worry, we are specialists at helping legal firms deal with financial stability issues and in particular managing the wind down to the satisfaction of all stakeholders to leave the solicitor and his/her fellow partners with the best possible outlook for your future career.