What if I cease to be a partner and become a consultant of the firm?

Consultants are treated as employees for the purpose of professional indemnity insurance.  The firm will receive a pro rata refund for the difference between the contribution for a principal and the contribution for an employee solicitor.  The firm will then continue to pay an employee contribution for you each year.

As a consultant you may still retain your full practising certificate, but you will need to contact the LPLC to be registered as a sole practitioner; you will also be required to pay the nominal premium applicable to a practitioner wishing to hold a full practising certificate and earning NIL fees in private practice.