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It's a blunt instrument. because the real question is whether, if the firm collapses, the firm will be able to claim on the FSCS. Nevertheless, you can't blame a client for wanting its professional advisers to have insurance which looks like it will hold up.

There has been talk of getting rid of the minimum terms. If that happens, lenders (and other large institutional clients) will say "we are not going to send you work unless your insurance meets our own minimum requirements".

The Law Society needs to think this through properly. I have seen no sign that it is doing so.

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