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It is very confusing for the public and solicitors at the moment. I was just looking at a fairly new legal consultancy and they have some very good FAQs on their website giving clients the pros and cons of using them or a regulated firm.
I wonder if we need some compulsory information non solicitor firms should put on their websites making things clear - eg if they do or do not have indemnity insurance and the amount and also when clients would be protected by the compensation fund if the firm went bust and when not.
I am sole practitioner with own firm and the usual indemnity insurance which is quite expensive (as never had a claim in 30 years and compared with many clients' indemnity insurance in the IT sector say) and am about to pay the fees to the law soc for the year (one solicitor, one person in the firm, no employees). There is quite a lot that I pay so I can do a bit of litigation which my firm could easily manage to give up. I dont' hold clients' money so that regulatory side is not hard and nor is most of the rest of the regulatory side although I learn there are soon to be two sets of rules I will need to read for me as solicitor and for me as firm so it never seems to get simpler.