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Solicitors · PI cost data · 6 September 2026
In Apex’s recent placements a law firm billing around £150,000 typically paid the equivalent of £2,420–£3,800 a year at the £2m limit the SRA requires (n=16); across 45 solicitor placements premiums ran at 1.21%–2.80% of fees on a £1m-equivalent basis, roughly 1.45%–3.36% at £2m.
Part of: What professional indemnity insurance costs
In short
Solicitors’ professional indemnity insurance is bought on the SRA minimum terms — £2m each claim, or £3m for LLPs and companies — and priced on fee income, the mix of work (conveyancing above all) and claims history. In Apex Insurance Brokers’ recent placements (45 solicitor policies after outlier removal, data extracted 6 September 2026) a firm billing about £150,000 typically paid the equivalent of £2,420–£3,800 a year at £2m (n=16), and across all sizes premiums ran at 1.21%–2.80% of fees on a £1m-equivalent basis. Firms billing £250,000 to £1m paid proportionally more, from a small sample we treat with caution. These are middle-half ranges, not quotes. Apex is an independent broker, owned by its directors, that places solicitors’ PI across more than 30 insurer markets and usually returns three or four competing quotes.
Two caveats first. Nobody in this class buys £1m: our data normalises every policy to a £1m equivalent and we scale it back to £2m with the 1.20 factor; £3m policies for recognised and licensed bodies were normalised with the same factor, so one figure serves both limits and a £3m policy will cost more than it. And the sample is 45 firms: the £250k–£1m band shows a rate above the band below it, which we cannot yet explain, and firms above £3m of fees are not shown (fewer than five placements).
| Annual fees | Premium as % of fees middle half, £1m basis | Typical annual premium, £2m limit (SRA minimum) | n | Note |
|---|---|---|---|---|
| £25k–£100k | 4.21%–7.10% | £2,530–£4,260 at £50k fees | 6 (indicative) | Indicative (n=6); small firms pay proportionally the most. |
| £100k–£250k | 1.34%–2.11% | £1,610–£2,530 at £100k £2,550–£4,010 at £158k (band midpoint) | 16 | At £150,000 of fees the same rates give £2,420–£3,800. |
| £250k–£1m | 1.93%–4.98% | £5,790–£14,950 at £250k £11,570–£29,900 at £500k | 12 | Treat with caution: the rate here is higher than in the band below, from twelve placements. |
The rate column is on the £1m-equivalent basis; multiply by 1.2 for the £2m minimum. Across all sizes solicitors paid 1.21%–2.80% of fees on that basis (n=45), well above accountants (0.34%–0.56%).
Typical annual premium at the £2m SRA minimum by fee income. LLPs and companies must carry £3m; our data cannot yet separate the two limits, so the £2m figure is a floor for £3m.
| Annual fees | £2m each claim (SRA minimum) |
|---|---|
| £100,000 n=16 | £1,610–£2,530 |
| £150,000 n=16 | £2,420–£3,800 |
| £250,000 n=12 | £5,790–£14,950 |
| £500,000 n=12 | £11,570–£29,900 |
Example: a sole practitioner billing £100,000 typically paid £1,610–£2,530 at £2m (n=16); at £150,000 the range is £2,420–£3,800. A two- or three-partner firm billing £250,000 paid £5,790–£14,950 and one billing £500,000 paid £11,570–£29,900 (n=12, treat with caution).
The advertised from-prices on our cost hub do not apply to solicitors: those products do not meet the SRA minimum terms. Qualifying insurance comes only from insurers signed up to the SRA’s terms, and the choice for a law firm is which broker to use rather than whether to use one. A scheme or single-insurer arrangement can suit a firm whose profile fits it exactly, and if yours does we will say so in writing. An independent broker earns its place when the firm has a meaningful conveyancing share, a claim or circumstance in the six-year record, a merger or change of structure in view, retirement and run-off to plan, or a renewal that rose sharply with no explanation. Our solicitors’ broker page explains how the placement is run.
Apex Insurance Brokers is an independent insurance broker established in 2009 and based in Bristol, owned entirely by its directors and directly authorised by the FCA since 2016, placing professional indemnity insurance for solicitors and law firms across the UK. It is one of the longest-established independently owned professional indemnity specialists in the UK, and it is not for sale: we have declined approaches to buy the firm. We are not tied to any single insurer or professional-body scheme, we do not run our own policy or underwriting, and we have no placement quotas. We have access to over 30 markets, including Lloyd’s syndicates via wholesale, and we usually return three or four competing quotes set out so you can compare them like for like. Every client has a named broker — the same person from first quote to renewal — and every claim notification gets director-level attention rather than a call-centre queue.
How we compiled these figures. The ranges come from Apex Insurance Brokers’ own recent professional indemnity placements, around 940 policies after outlier removal (data extracted 6 September 2026). For each profession and fee band we show the middle half of premium as a percentage of annual fees — a quarter of clients paid less than the bottom of the range and a quarter paid more than the top — converted to a £1m limit, multiplied by a representative fee figure, subject to a £300 minimum premium and rounded to the nearest £10. Cells with fewer than five placements are not shown; nine or fewer are marked indicative. Insurance Premium Tax is charged at 12% on UK general insurance premiums. Our extract does not record whether each premium was captured before or after IPT, so the figures may be quoted before or after IPT — treat them as indicative to within that margin. These figures are not a quote. The full method, the ten headline statistics and the limitations are in the Apex PI Premium Index 2026.
In Apex’s recent placements a firm billing £100,000 typically paid £1,610–£2,530 a year at the £2m SRA minimum (n=16), and a firm billing about £150,000 paid £2,420–£3,800. The smallest firms, billing about £50,000, paid £2,530–£4,260 (n=6, indicative): proportionally the most, because the minimum terms are the same at any size.
Because no practising firm can buy one. The SRA minimum terms require £2m each claim, or £3m for LLPs and companies. Our data normalises every policy to a £1m equivalent for comparison across professions; this page scales it back to £2m with the 1.20 factor. £3m policies were normalised with the same factor, so the £2m figure is a floor for them.
Qualifying insurance of at least £2m each claim (£3m for recognised and licensed bodies) on the SRA’s minimum terms, a 30-day extended policy period followed by a 60-day cessation period if the firm cannot renew, and six years of run-off cover when a firm closes without a successor practice.
Yes, and more than any other work type. Insurers ask what share of fees comes from residential and commercial conveyancing and rate that share hardest, because it generates the most claims against small firms. A conveyancing-heavy firm should expect quotes above the ranges on this page.
Run-off under the SRA minimum terms lasts six years and is priced by the insurer on the firm’s final annual premium, typically as a multiple of it. We do not yet have enough closed-firm placements to publish a range. The successor practice audit explains when run-off is triggered and when a successor practice inherits the liability.
Our rate guide applies a claims uplift of 1.19 for solicitors, computed from the placements, and an open conveyancing claim can narrow the market considerably. What matters as much is what you changed afterwards. See PI after a claim or notification.
Yes. Many firms still renew on 1 October, but the common renewal date is no longer compulsory, and a firm can move at its own renewal date. Whatever the date, start at least ninety days out so that insurers see the presentation before capacity is committed (the 90-day cliff).
Tell us your gross fees, the split by work type, partners and fee earners, the six-year claims record and your current premium. Use the get a quote form, the solicitors’ proposal form, or call 0117 325 0027 and speak to the broker who will run the placement.
Send us your fees, work split and claims record and your named broker will return competing quotes on the SRA minimum terms. Or call 0117 325 0027.
Get a quote Solicitors’ proposal formApex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales, company number 07014570. This page is general information, not advice on your individual circumstances, and it does not guarantee that cover will be available or on what terms. Premium figures shown are historic typical ranges from Apex’s own placements, not quotes.
