Freelance Solicitors Professional Indemnity
Freelance Solicitors require Professional Indemnity Insurance that complies with SRA regulations, arranging adequate and appropriate cover if providing reserved legal services to the public.
What differences are there between a Consultant Solicitors and Freelance Solicitors Insurance?
As a Consultant Solicitor you must operate under the umbrella of a fully regulated SRA firm whose Professional Indemnity Insurance almost always provides cover for work you undertake but a Freelncer Solicitor must purchase his or her own Insurance.
Freelance Solicitors we can help
- Anticipated Fees greater than £20,000
- Over 5 years Post Qualified Experience
- a clean claims experience
Freelance Solicitors we will find difficult to arrange Insurance for
- Overseas Exposure
- Mergers & Acquisitions Work
- IP Work
- Commercial Work for Public Companies
- More than 20% Commercial Litigation
- any Financial Services Work
What is a Freelance Solicitor?
Is a self-employed individual who:
- practises on their own, without employing anyone else in connection with the services they provide.
- practises in their own name, and not under a trading name or through a service company
- Is engaged and paid directly by clients
Full SRA Authorisation is needed if:
- You provide immigration services unless regulated by the Office of Immigration Services Commissioner
- You provide Claims Management Services or are regulated Financial Services Activities
Links to guidance & and support:
Solicitors Regulation Authority (SRA) – Guidance notes
How to be a Freelance Solicitor – Paperback Book
Freelance Solicitors – A fact sheet
How much does Freelance Solicitors PI Cost – Link to PLB Guide
Freelance Solicitors Market Update – Click Link
Cyber Liability for Solicitors – Cover details available
How much does Freelance Solicitors Professional Indemnity Cost?
Navigating the realm of Professional Indemnity Insurance (PII) as a freelance solicitor demands a tailored approach, and partnering with a specialist broker is paramount in this journey. At Professional Liability Brokers, we’re dedicated to guiding you through the intricacies of PII to ensure you have the right coverage for your practice.
Premiums for PII can vary significantly, ranging from hundreds to several thousand pounds, depending on various factors. The nature of your legal services plays a pivotal role in determining which insurers are approached for coverage.
Premium rates are influenced by several factors, including the spectrum of services you offer and your claims history. To better comprehend these rates, it’s essential to assess the associated risk factors linked with specific legal services. Here’s a breakdown, ranked from lowest to highest risk:
- Basic Legal Services: These encompass fundamental tasks like document drafting and basic contract review. Though errors can arise, risks here are relatively low compared to more specialised services.
- Legal Compliance and Regulatory Advice: This involves ensuring compliance with legal regulations and providing regulatory guidance. While moderately risky, it’s usually less complex than intricate legal advisory services.
- Contractual and Transactional Work: Tasks like drafting contracts and managing transactions entail a medium level of risk. Mistakes can lead to contractual disputes and financial losses.
- Legal Advisory and Consultancy: Providing strategic legal advice and financial planning carries a higher risk. Errors in such advisory roles can result in significant monetary loss for clients.
- Litigation and Dispute Resolution: Representing clients in legal proceedings and dispute resolution poses a higher risk due to potential legal ramifications and financial liabilities.
- Specialised Legal Services (e.g., Intellectual Property, Tax Law): Dealing with specialized areas like intellectual property or tax law carries heightened risk due to complexity and potential legal implications.
- Conveyancing: Conveyancing, involving property transfer, is a cornerstone of real estate transactions. While common, it carries substantial risk due to the intricate nature of property law and the potential for fraud.
Understanding these risk levels is crucial in securing adequate coverage for your legal practice. By partnering with Professional Liability Brokers and comprehensively assessing your needs, you can navigate the complexities of PII with confidence.
