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The Solicitors Regulation Authority does not know the insurance position of at least 50 law firms, but there may be even more out there uninsured, it admitted yesterday. Those yet to inform the regulator that they do not yet have insurance face enforcement action, it warned.

The process of approving alternative business structures seems to be weighted against multi-disciplinary practices and business services firms, it has been claimed. The Legal Services Board also expressed concern over the impact on ABS licensing of senior departures from the SRA.

Some 153 law firms today entered the last-chance saloon after failing to secure professional indemnity insurance (PII) during the last 30 days. Under the new PII arrangements, they are now in the second stage 60-day ‘cessation period’.

he barristers seeking to have the Quality Assurance Scheme for Advocates (QASA) declared unlawful have lost a bid to reduce their costs exposure. Mr Justice Bean refused to amend the protective costs order granted earlier this month by Mr Justice Ouseley.

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.