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A report by U.K-based accounting firm Hazlewoods LLP found that 37 British law firms collapsed into bankruptcy in the year ended June 30, 2022, after they were unable to obtain mandatory professional indemnity insurance due to rising premium costs, City A.M. reported. Increasing premiums mainly affected law firms working in the property conveyancing sector, amid a reluctance from insurers to provide coverage due to the high number of claims and the high value of property transactions.