Considering Becoming a Freelance Solicitor
This white paper is to provide some guidance and insight into some of the areas to consider when considering becoming a freelance solicitor: -
The guidance is clear; your insurance must be adequate and appropriate but what does adequate and appropriate mean? Outcomes focused regulation means you need to decide and then you need to approach an insurer. Will you go to a traditional insurer who provides Professional Indemnity for Solicitors (A Qualifying insurer) or will you seek Insurance from another provider who is used to providing more general ‘consultancy’ insurance for professionals?
As an individual you are not protected so insurance requirements are serious and getting it right is essential. What happens if you spend a year as a Freelancer and decide it is not for you and you move into a firm. Your new employer will not be a successor practice and if a claim is raised against you arising from your work as a freelancer, even after you have stopped working a freelancer, and you allowed your policy to lapse - What will you do?:-
- Pay for the claim personally (assuming you accept you made a mistake)?
- Fund the defence to a claim you do not accept was your fault?
- Should you continue with your insurance arrangement even through you are no longer a freelancer (if so for how long) and how long for?
- Can you obtain run off cover like that required by a regulated entity?
- How much can you afford to pay when considering your fees and the future?
Read the full white paper here.