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The proposals will -
1 Increase the cost of cover for most firms, particularly smaller ones, because they will need to buy top up at higher cost (if indeed it is available) in order to satisfy the regulatory requirement to buy appropriate cover: the SRA's own figures, which under-report claims, demonstrate that;
2 Probably mean small firms are cut off conveyancing panels, because even with top up cover, lenders will be unwilling to use them;
3 Force partners in many small firms to continue paying run-off premiums during retirement, even if there is a successor practice;
4 Increase the number of coverage issues, because there will be more aggregation issues (see AIG v Woodman), and top up insurers can take coverage issues which compulsory primary insurers cannot;
5 Expose clients, solicitors and their staff to risk which in most cases, generally, they cannot insure against.

The belief that the reforms would encourage new entrants to the legal services sector is misconceived: only those doing crime or immigration are likely to make even a small saving, and I don't envisage many seeking to do crime.

Everyone should respond. The deadline is this Friday. See https://goo.gl/DreQc3 for the consultation, and https://goo.gl/73hx9A for an article explaining the issues in more detail.