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The possibility of clients buying ‘top-up’ cover to fill the gaps in compulsory professional indemnity insurance has been floated by the Legal Services Board as it set the scene for a significant shake-up of current financial protection arrangements.

Legal regulators should in future rate the risk that firms present to the public on the basis of the diversity of their workforce, and focus supervision on those with the worst records, according to a report.

The new chairman of the Legal Services Board (LSB) needs to help develop “a more diverse and innovative legal services market that attracts new providers”, justice secretary Chris Grayling has said. The search for a new chairman of the LSB began last week.

The frontline regulators need lay chairs at the helm so as to cut the “overly strong ties” that still exist with their branches of the profession and have held back change, the Legal Services Board said yesterday. The call was met by strong opposition.

A Manchester law firm has launched a joint venture alternative business structure (ABS) with one of its major insurer clients. Meanwhile, the transitional exemption from ABS licensing currently afforded to not-for-profit organisations has been extended indefinitely.