Insurance Needs for Small Law Firms and Solo Practitioners

Summary

This practice note will discuss the insurance considerations for small law firms and solo practitioners, including the considerations involved in deciding the structure of smaller-sized legal practices. For example, the difference in the structure and insurance considerations between a small law firm consisting of a sole practitioner and a small firm comprised of three or four partners may be significant. In comparison, a large law firm's structure, operation, and insurance needs will be significantly different from those of a small firm. Insurance for a large firm may include sophisticated uses of coverages such as life insurance for succession planning and buy-outs between and among partners. Nevertheless, there is also be overlap in insurance considerations between small and large law firms.