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The number of applications from law firms to enter the assigned risks pool in its last year is back to pre-crisis levels, the Solicitors Regulation Authority has reported. This year the profession is liable to pay the first £10m in claims that arise from the pool.

There are signs of a softer professional indemnity insurance market for some law firms this year, but underwriters are looking to handle alternative business structures with care, a new report has claimed.

Our latest news round-up cover the SRA’s view of HSBC’s conveyancing undertaking, a fall in the number of firms closing ahead of PII renewal, a warning over merger failures, the Co-op seeking legal apprentices, and key appointments at Irwin Mitchell, the Law Society and CIPA.

Solicitors paid £256m for the compulsory layer of professional indemnity insurance – the highest amount since the first year of buying insurance on the open market – Solicitors Regulation Authority figures have shown.

Just 53 law firms have failed to find professional indemnity insurance and so entered the assigned risks pool (ARP), provisional figures have shown. At the same stage last year, 409 firms had entered the ARP. Firms still have a month in which they can find secure insurance and backdate it to 1 October.