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More than 600 law firms and individuals have so far had their cards marked by the Solicitors Regulation Authority over failures associated with the nomination of compliance officers, it has emerged. A further 139 investigations remain live.

The cost of practising as a solicitor is set to rise at a rate of more than four times inflation, if the Law Society’s council approves figures that will be put before it later this week. The collection of £116.8m in fees from the profession is up £13.2m on this year.

The Solicitors Regulation Authority has finally given ground over unrated insurers and is to investigate again whether it should introduce financial eligibility criteria. The regulator has launched an assessment of the “full implications” of such a move.

There is a good standard of legal education and training in England and Wales – “for the most part” – but quality, accessibility and flexibility need to be enhanced “to ensure the system remains fit for the future”, the Legal Education and Training Review research report has concluded.

The 1,300 law firms who have their professional indemnity insurance with Balva face the prospect of having four weeks to find new cover if the winding-up process the Latvian company started yesterday becomes an “insolvency event”, the Solicitors Regulation Authority has warned.