Our Guidance on Starting a New Practice provides an overview of the process to obtain your Master Policy Professional Indemnity policy cover - a regulatory requirement before you can start trading as a Scottish legal practice regulated by the Law Society of Scotland. The Guide
- summarises how your premium will be calculated
- provides some advice on how to complete your proposal form
- includes important information on other financial matters relating to your Master Policy cover that you should take into account before commencing practice.
We recommend that you read this guidance in conjunction with our Master Policy Guide and the Law Society of Scotland's Guidance on Starting a New Practice.
Once you have a clearer idea of the process, and having gathered the requisite information (about the basis structure of your future firm, the personnel, the type of work you will be undertaking, and an anticipated start-date), we recommend that you speak to us to discuss your precise requirements.
A number of newly established practices close in the first few years of trading. This can be due to a number of factors - including under-estimating the difficulty of bringing sufficient work in; the sheer volume and stress of practice management work, particularly in an age of increasing business regulation; and in some cases, an adverse claims record.
Setting up your practice in the right way is an essential part of developing a successful business. Many small practices make a virtue of their small size and new-ness, by embracing the benefits of new technology, and using 'cloud-based' practice management and compliance software solutions to deliver a top-end service, more responsively and cost-effectively than the competition.
Used well, technology can assist you manage your risk and compliance, leaving more time for fee-earning while minimising unnecessary risk.
In addition to arranging your Master Policy Insurance, we can advise you on:
- Risk and Compliance Policies - we have a number of templates available for your free use
- Selection of Cloud Computing providers - our guidance will assist you select reputable and secure IT providers
- Cyber, Fraud & Information Security Risks - our Resource Centre contains a wealth of information about some of the most present risks for law firms. Or simply telephone us for more tailored guidance.
We also offer our clients the benefit of a one-stop-shop for all your business insurances, with a range of policies specifically tailored for the needs of Scottish law firms.
Contact Us for more information