The Legal Services Board (LSB) has rejected plans by the Solicitors Regulation Authority (SRA) to cut the indemnity cover limit for law firms from £2m to £500,000.
The Solicitors Regulation Authority expects its compensation fund to have to pay out up to £2.5m in the next practising year to cover the cost of negligence claims against uninsured law firms, it has emerged.
The solicitor in charge of a network of 136 West Midlands firms has said it aims to lead the way in support for small law firms, while remaining outside any national group. Hub.Legal is operated by FBC Manby Bowdler, formerly a hub in Pannone’s Connect2Law network.
The Legal Services Board (LSB) has extended the time it has given itself to decide on the proposed cut in the minimum indemnity cover limit for law firms from 10 October this year to 17 August 2015.
The Law Society has chosen Catherine Dixon to replace Des Hudson as chief executive. Mr Hudson will retire at the end of this month.