Law practices cease for a variety of reasons. For example, you might retire or sell your practice, merge with another practice or change your business structure from a partnership to an Incorporated Legal Practice (ILP).
If you are planning any of these changes, you should contact your Law Society to discuss their requirements for your practice. Lawcover can then assist you with the appropriate insurance arrangements for your changed circumstances.
Where a law practice is reconstituted with little to no change except, say, to the name of the practice or its structure, Lawcover is able to transfer the PII policy and premium arrangements from the old practice to the new practice. However, there are a number of scenarios where the dissolved law practice may be entitled to a premium refund or where it is necessary for the new law practice to arrange its own PII policy. To discuss how a law practice dissolution may impact your premium, please contact Lawcover’s Insurance Services Team on 1800 650 748 or email firstname.lastname@example.org