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The escalating cost of professional indemnity insurance may mean the total premium pot for solicitors approaches £300m this year, the first time it will have exceeded the last contribution to the Solicitors Indemnity Fund, a leading broker has predicted. The news comes as a report on PII commissioned by the Solicitors Regulation Authority recommended a range of reforms to the scheme, including removing the minimum terms and conditions in relation to commercial clients, ending the single renewal date and no longer requiring insurers to cover firms that have not paid their premiums.

Our weekly round-up of other useful news and articles highlights worries that criminals are targeting failing law firms, accountants wanting more of the legal services market, concerns over new conflicts rules, a call to change the terms of PII cover, the need for more ethics guidance around LPO and much more.

‘Freedom in Practice: Better Outcomes for Consumers’ is being billed as the SRA’s biggest-ever consultation exercise, which is appropriate given that outcomes-focused regulation is such a massive change to the regulation of the profession. It comes with its own logo and website on top of the authority’s usual outreach tools of consultation papers and roadshows.

The SRA has launched what it describes as its biggest-ever consultation exercise as it seeks to engage the profession over the introduction of outcomes-focused regulation and alternative business structures.

Changes to the structure of solicitors’ training are beginning to gain ground after two major announcements. Northumbria University Law School has joined forces with national law firm Irwin Mitchell to pilot the Solicitors Regulation Authority’s plans for work-based learning. Meanwhile, City giant Linklaters is to introduce an accelerated legal practice course, shortening the course from a year to just over seven months.