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I do not agree that the faults lie either with the PII insurers or the law Society. It lies squarely with the firms themselves.
If the PII insurers were making so much profit out of solicitors why have more insurance companies not joined the market. From the claims history they perceive that risk management and financial stability is not being managed properly.
Law firms need to be run as any other business on a commercial basis. This means using sound financial information. The owners need to monitor their drawings. They cannot rely either on their bankers or suppliers to finance their business. They should use outside independent professionals to assist in running the business. This will enable them to focus on what they are good at and trained to provide which is legal services. The costs incurred will more than be offset by the extra profit and cash flow generated by the outside professionals and also a better use of the partners time.

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