More than half of law firms are failing to prioritise risk management despite requirements under new conduct rules, a survey by professional indemnity insurance (PII) broker Aon has suggested.


Rule 5 of the Solicitors Code of Conduct, which comes into force on 1 July, states firms must have adequate risk management strategies in place or face possible sanctions by the Solicitors Regulation Authority (SRA).



Some 78% of the 60 firms surveyed - all clients of Aon - said that price was a priority when buying PII, while only 46% said risk management services influenced such purchasing decisions.



Patrick Hearn, director at Aon's professional services group, said: 'Firms must consider how insurance can be supported with risk management advice to conform to the new code of conduct.'



SRA chief executive Antony Townsend, chief executive of the SRA, said the rules were designed to protect the public and provide solicitors with guidance on how best to do so, without being overly prescriptive.



l Look out for the Gazette's pre-renewal PII supplement next week.



Anita Rice