An increase in litigation, and in particular negligence claims brought against professionals, historically goes hand in hand with periods of economic downturn. Once a business has failed, those nursing burnt fingers may seek to alleviate the loss suffered by attributing responsibility to the professional advisers. Accountants are often first in line.

This, of course, is nothing new. Heavyweight professional negligence claims trailed in the wake of the bursting of the dotcom bubble, for example. The hunt for scapegoats is an ancient pastime and, with the benefit of professional indemnity (PI) cover and the perception of deeper pockets than most, professionals are popular targets.