One thousand firms could close by Christmas
Up to 1,000 firms unable to secure indemnity insurance in the wake of the Berliner wind-down could be forced to close before the end of the year, a compliance expert has predicted.
"By Christmas, there will be significantly fewer law firms, perhaps as many as 1,000," Legal Risk partner Frank Maher told Solicitors Journal.
"The majority of 'Balva' firms are not a clean risk, and there isn't really anybody prepared to take them on," he said. "Some brokers have placed some firms, but for a lot of them, it will be the end."