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The Solicitors Regulation Authority has insisted that a lower minimum limit for indemnity insurance would “attract a discount in premiums” for law firms as it sought to counter widespread criticism of its plans.

Rated insurers may be reluctant to offer law firms indemnity limits as low as the £500,000 proposed by the Solicitors Regulation Authority (SRA), a leading insurance broker has warned.

Sole practitioners have warned of “dire consequences” if the Solicitors Regulation Authority (SRA) goes ahead with its plans to cut the minimum limit for indemnity cover from £2m to £500,000.

The Legal Services Consumer Panel has hit back at criticism by the Solicitors Regulation Authority (SRA) that it opposes a minimum indemnity insurance limit of £500,000 for solicitors, while supporting it for accountants.

A direct consequence of the government’s decision in May not to make any major changes to the regulatory framework for legal services is that it simultaneously fired the starting gun for the race to introduce major changes to the regulatory framework for legal services.