Start up solicitors: PI insurance advice

The insurance market has changed somewhat and the number of would-be start up solicitors has increased significantly.

Previously the profile of most new practices was that they would comprise one or two twenty-something individuals with 5 or so years’ experience, wanting to do their own thing and make their mark. Over the last couple of years but accelerating over the last 6 to 9 months, that profile has changed out of recognition.

It’s essential that would-be start-up solicitors adopt the right tactics from the beginning. It’s important individuals embarking upon this significant step obtain appropriate advice from a variety of professional advisers such as:

Accountants
Compliance consultants
Insurance brokers

With specific regard to professional indemnity insurance, it’s important this is fully explored before any bridges are burned or significant money is spent. The SRA will not process any application until the applicant can provide written evidence of the availability of compliant insurance cover.

MFL Professional can provide the assistance required by new start up solicitors practices. ¬†For more detailed information, please download our Solicitors’ new practice start up guide by following the link provided on the right hand side of this page.

We also believe we are the first specialist professional indemnity broker to have created an insurance application form specifically for new start up solicitors. You can download a copy by clicking on the right hand side of this page.

Ignition NBS