The firms have 60 days to find new cover or close down their business

One hundred and fifty-three solicitors firms must consider winding up their business because they have been unable to secure new professional indemnity insurance.

The 30-day extended indemnity period ended at midnight yesterday (30 October), which means that practices now only have 60 days until 29 December to find new cover, or else they must close down.

During this cessation period they cannot pick up any new business and have until 6 November to notify the Solicitors Regulation Authority and their previous insurer of their situation.

Two hundred and twenty-six firms found themselves without insurance at the end of the renewal deadline on 1 October, but since then, 73 practices have secured insurance.