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I agree that the most important thing is that the public trust solicitors and have the safeguard of insurance. Personally, I would rather the minimum stays as it is - the (non-Legal!) press can otherwise have a field day telling the public how their protections are being eaten away.

I do wonder how much difference a change would make to a firm. If a firm has a decent-track record, the difference in premium for £500k or £2m may be negligible. When I increased my cover by £2m to £3m the premium barely increased. If that's the case, will the market really bear out the SRA's claims that it will make insurance more affordable and, in turn, our services more affordable for consumers?

I agree that we do not want to "strip solicitors of their USP and leave them no better in the eyes of the public than unregulated providers".

Another Consultation Paper to respond to...!