Legal Business

Protection rackets – behind the controversy of looming reforms on insuring law firms

The insurance regime for law firms faces more upheaval amid reforms to rules on minimum cover. Legal Business assesses the latest controversy

In July, following a short consultation earlier this summer, the board of the Solicitors Regulation Authority (SRA) announced a number of reforms, including proposals to reduce the minimum compulsory cover levels for professional indemnity insurance (PII) from £2m to £500,000 and the requirement that law firms assess the PII cover level appropriate for their work themselves.