The new Code of Conduct for solicitors has yet to have its full impact on the Professional Indemnity (PI) market, according to the Solicitors Regulation Authority (SRA).

Spokesperson Geoffrey Negus suggested that it is "too soon to come to any conclusions" of the type of effect which is likely to result from the introduction of the new legislation on July 1st of this year.

But he called "very encouraging" the proportion of solicitors who have read the sections directly relevant to their business in the run-up to the October deadline for renewing their PI cover.

When asked of the likely influence of the code on the PI market, Mr Negus commented: "The Code of Conduct basically aims to underpin good standards of professional conduct."

He added that rule one "gives you several core principles about solicitors' professional obligations and those, if you like, overarch all the detailed rules".

Mr Negus continued that the implementation of the code is still in its infancy and anticipated meetings with solicitors across the country with "a lot of education work to do".

But he concluded that the response from firms he has consulted so far has generally been positive.

"Solicitors are reading the Code of Conduct and generally they like its more succinct, direct style," he purported.

Chair of the SRA Peter Williamson previously warned that the new guidance puts in place the requirement for a high level of service to be given to clients throughout legal proceedings and not to judge client care in terms of results.

"The new Code of Conduct has raised the bar in terms of the rules for solicitors," he asserted at the time of the launch of the revised regulations.

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