Total Insurance Budget for a Mid-Size Firm
A mid-size law firm (10 to 50 attorneys) needs a comprehensive insurance program covering professional liability, property, cyber, employment practices, and several other lines. Budgeting accurately requires understanding how each coverage line contributes to the total cost and where there are opportunities for efficiency. Most mid-size firms should allocate between 2 and 4 percent of gross revenue to insurance premiums.
Typical Range:$75,000-$350,000/year total across all coverage lines
Key Pricing Factors
- Number of attorneys and total headcount including staff
- Mix of practice areas across the firm (blended risk profile)
- Total annual revenue and geographic footprint (single office vs. multi-state)
- Claims history across all coverage lines over the past five to ten years
- Office lease terms, property values, and whether the firm owns its building
- Whether the firm needs fiduciary liability, crime coverage, or other specialty lines
Tips to Reduce Your Premium
- Consolidate as many lines as possible with one or two carriers to maximize account packaging discounts
- Conduct a comprehensive coverage review annually with a broker who specializes in professional services firms
- Implement firm-wide risk management programs that qualify for premium credits across multiple policy lines
- Use higher deductibles on property and general liability where the firm can comfortably self-fund small losses
- Negotiate multi-year policy terms with carriers to lock in rates and reduce annual renewal uncertainty
Get an accurate quote for your firm
Every firm is different. Get a personalized coverage review and see what your program should actually cost.