The rows

Successor practice and run-off: every rule, with its source

Updated 2026-10-28

Nine rules a firm meets when it closes, merges or is bought, each read from the regulator's or the Law Society's own page.

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The rules, one by one

Run-off cover when a firm closes without a successor

Your insurer on cover at the date you close your practice is obliged to provide run-off cover for a period of six years from the date of expiry of your policy. (read 28 October 2026)

Source: SRA guidance: closing down your practice

Extended indemnity in all, when a firm cannot renew

If, before you closed your practice, you had to enter the Extended Policy Period (EPP) (because you were unable to take out a new policy), your last insurer has to provide you with an extra 90 days' cover from the end of your policy. (read 28 October 2026)

Source: SRA guidance: closing down your practice

Extended policy period, practising as normal

During the first 30 days (called the Extended Policy Period) you may practise as normal. (read 28 October 2026)

Source: SRA guidance: closing down your practice

Cessation period, existing matters only

However, during the last 60 days (called the Cessation Period), you are not permitted to take on any new instructions and can deal only with existing matters. (read 28 October 2026)

Source: SRA guidance: closing down your practice

Keeping records after closure

For example, there are obligations under rule 8.1 of the Financial Services (Conduct of Business) Rules and rule 13.1 of the Accounts Rules to retain records for a period of at least six years. (read 28 October 2026)

Source: SRA guidance: closing down your practice

SRA closure form, sent no earlier than

You should submit this form no more than seven days before you intend to close. (read 28 October 2026)

Source: SRA firm closure notification form

Share of claims made more than three years after the event

However, about 40% of claims are made more than three years after the event. (read 28 October 2026)

Source: Law Society: run-off cover

Insurer tells the SRA its successor decision

Your insurer must tell the SRA about this decision within seven days. (read 28 October 2026)

Source: Law Society: run-off cover

Run-off premium against what PII would have cost over six years

Because it covers six years, this means the run-off premium is approximately 50% of what PII cover would have cost. (read 28 October 2026)

Source: Law Society: run-off cover

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Selling or merging my firm Buying or taking on a firm Closing my firm and run-off cover Whether a deal makes us a successor practice Something else, I will explain

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What you are weighing up and when it needs settling. Joseph Ellul reads it himself and replies to arrange a free call.

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Sources

This site's own datasets, every figure quoted from its source and dated:

The SRA Successor Practice Rules carries 5 published figures read from 3 sources' own pages, from 7 to 90 day, read 28 October 2026.
The median published figure in the Successor Practice Adviser Index is 2,312.50 GBP across 2 sources' own pages in GBP (range 650 to 3,975 GBP; 3 sources publish a figure), read 28 October 2026.

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