Morgan Cole set to offer ATE insurance

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.