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Over 100 UK law firms on brink of closure over PI
An increase in the number of law firms folding is predicted for early 2014 as 117 practices look set to start the year without professional indemnity cover.
Susan Leggett
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Mike Haley, director of supervision at the Solicitors Regulation Authority, warns that a soft line is unlikely. He says that 'firms that continue to practice after 29 December or fail to wind down in an orderly fashion will be subject to swift regulatory action. Exercising powers of intervention may be considered where it is necessary and appropriate in the public interest.' Source: International Business Times
