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The Solicitors Regulation Authority is holding firm against criticism over its position on unrated professional indemnity insurers after Latvian underwriter Balva – which covers 1,300 law firms – was prohibited from writing new UK business.

The Legal Services Board (LSB) has hit back at its critics, accusing frontline legal regulators of being “uncomfortable” with the language of competition and failing to examine the impact of regulation on the market.

The Solicitors Regulation Authority has outlined the three key financial ‘warning signs’ against which it will assess firms’ financial stability as a key element of its supervisory work over the next year. It is also to end the need for firms to submit an annual report on non-material rule breaches.

The managing partner of Blakemores – which suddenly closed on Monday – said the firm was almost saved by its consumer-facing Lawyers2you brand but succumbed to a string of financial blows. Guy Blakemore gave a candid interview to Legal Futures.

A company that specialises in helping wealthy business people from Russia and Eastern Europe relocate to London has acquired an alternative business structure licence in order to add legal services to its business services portfolio.