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You know that feeling you get when you return to work after moving house? The warm embrace of ‘business as usual’ after a period of sustained frenetic activity, a little stress, mixed with the excitement that comes with achieving a good outcome for you and your family? Well, I’ve just completed the annual renewal process of professional indemnity insurance (PII) for more than 50 firms in our network, and it’s a similar feeling.

The Legal Services Consumer Panel has called into question the existing minimum indemnity cover limit of £500,000 for barristers and called for more research before the limit was extended to firms regulated by the Bar Standards Board.

Rated insurers may be reluctant to offer law firms indemnity limits as low as the £500,000 proposed by the Solicitors Regulation Authority (SRA), a leading insurance broker has warned.

The number of larger professional indemnity claims is increasing, undermining the case for a cut in the minimum cover for law firms from £2m to £500,000, an industry expert has argued in a letter to the Legal Services Board.

The Bar Standards Board has followed the Solicitors Regulation Authority and proposed that the advocacy and litigation firms it hopes to regulate later this year should have indemnity cover of at least £500,000.