Leo compares the UK market and shows you PI policies side by side for solicitors. £3M cover, instant activation.
Professional indemnity insurance protects you and your business against the costs of claims made by clients who have suffered loss due to your professional advice or work. For solicitors, this is particularly important as a single mistake or oversight can result in significant financial liability.
The main risks solicitors face include: negligent advice, missed deadlines, conveyancing errors
Regulatory requirement: SRA requires all practising solicitors to hold professional indemnity insurance.
The amount of professional indemnity insurance cover you need depends on the size of your business, the types of clients you work with, and the potential value of claims. Most solicitors opt for cover between £500,000 and £2 million.
The right level of cover depends on the size of your projects, your annual revenue, and any contractual requirements from your clients. Leo's comparison tool can help you explore different cover levels and see how they affect your premium.
The cost of professional indemnity insurance for solicitors varies depending on:
As a guide, solicitors typically pay from £28 per month for professional indemnity insurance.
Compare PI insurance in 60 secondsYou provide incorrect legal advice on a material issue, resulting in your client suffering financial loss or missing critical deadlines.
You fail to properly advise on a legal risk, restriction, or obligation, exposing your client to legal liability or regulatory action.
You miss critical legal deadlines (filing, settlement, limitation periods), resulting in loss of your client's legal rights or ability to pursue claims.
You breach client confidentiality, cause a conflict of interest, or fail to manage escrow funds properly, resulting in regulatory investigation and client loss.
Professional indemnity insurance for Solicitor typically covers:
SRA-regulated solicitors must hold professional indemnity insurance meeting specific SRA requirements. Cover typically ranges from £500K-£3M+ depending on practice size and client types (individual vs. corporate/commercial). Your policy must comply with SRA minimum requirements and cover all practice areas. Ensure your policy covers all legal services you provide and includes adequate cover for client money and escrow handling. Large corporate practices should ensure enhanced cover.
The average SRA-reported professional negligence claim is valued at £95,000. Approximately 12% of law firms have experienced a professional indemnity claim. Missed deadlines account for 32% of claims, whilst inadequate legal advice represents 38% of claims. Breach of professional duties accounts for 18% of claims.