Professional Indemnity 'key to new firms' - Professional Indemnity Insurance for Solicitors

22/08/2008

Solicitors setting up in practice for the first time should consider Professional Indemnity Insurance (PII) to be one of their main requirements, it has been asserted.

Tony Roe, who recently set up his own legal practice, tells the Law Gazette of the ways in which new firms may be able to obtain PII.

"When it came to PII, I had no record as a new firm - but the insurers of my former partnership knew me and were able to give me a sensible deal," he explains.

Mr Roe adds that PII is one of the "two fundamental things" new practices need, along with registration with the Solicitors Regulation Authority.

He suggests that family law is typically a good area in which to establish a new practice due to a consistent supply of work.

Further than simply being "recession-proof", he claims that the increased pressure placed on many relationships during economic downturns means family lawyers can find they are in greater demand when the rest of the economy suffers.

Solicitors at Mr Roe's practice are also members of Resolution, previously known as the Solicitors' Family Law Association.

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