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Morgan Cole has signed a delegated authority deal to enable it to broker after-the-event (ATE) insurance to clients.
The legal expenses cover, branded ’Calculit’, will be made available to the firm’s commercial clients.
The firm has signed up with FirstAssist Legal Protection, a specialist legal expenses insurer that has launched similar deals with Denton Wilde Sapte, Pinsent Masons and Withy King.
Firms are attracted to the legal expenses proposition because it enables risk-averse clients to take better financial control of disputes while also cutting out the cost of finding appropriate cover in the insurance market.
Bespoke funding arrangements will also be made available.
The move comes as Morgan Cole reported a revenue of £36m at the 2009-10 year-end, 7.5 per cent up on the previous year. Average profit per equity partner dropped from £218,000 in 2008-09 to £193,000.