The Law Society is set to raise the minimum insurance cover that solicitors need to practice in a move that will add further upward pressure to the amount that firms spend on insurance.

Currently, the society requires all practices to have a minimum of £1m primary layer cover in place.
Chancery Lane is in consultation about raising the compulsory cover, with the expectation that it could rise by between £2m and £10m. A figure of at least £3m is seen as the most likely.