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Let's be honest, the current insurance arrangements for the profession are a joke. The minimum level of cover is excessive considering the value of work that huge numbers of small firms deal with, and the requirement and cost of run off cover simply deters investment in the profession.

Why can't we abolish the minimum level of cover and agree a limit of liability with our clients ourselves? Then it's the clients decision whether they go with a more costly practice with a huge all encompassing indemnity policy, or a smaller practice where the limit is far lower but the fees are lower too.

It wasn't too long ago fee charging "McKenzie friends" were hailed as "vital" to the modern legal landscape and they aren't insured at all!

As for run off cover, the marketplace for small firms has no future unless it's abolished. It is ridiculously unaffordable and penal for most solicitors.