Solicitors paid £237 million for the primary £1 million layer of professional indemnity insurance cover in 2004, according to broker Marsh, a drop of 6% on the year before.
Marsh said rates for excess layers fell in some cases by more than 10%.
A spokesman said: 'We believe rates remained higher than expected because a number of law firms, seeking peace of mind, renewed early, when all qualifying insurers had not yet opened for business. The most competitive pricing became available in September.'
He added that more qualifying insurers offered cover to the largest and smallest firms. As a result, several top 25 law firms changed insurer.
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