Lawnet is preparing to place one of the largest group schemes, at more than £500m of cover, in the professional indemnity market.

The business will be delivered to the professional indemnity market on behalf of LawNet's 50 member law firms employing 5,000 staff.

Solicitors will be allowed to seek personal indemnity cover outside of the Solicitors' Indemnity Fund from September 1, following changes to Law Society rules.

Previously, solicitors had to place the first £1m of cover with the SIF.

LawNet, which has offered top-up cover above the £1m limit for the past six years, sees this as a golden opportunity for its members.

John Thomas, managing director of LawNet, said: "This new personal indemnity package will provide cost effective cover to members with the best rates in the market.

LawNet said it will offer the business to brokers Marsh for placing with any of the 15 insurers on the Law Society's list of approved professional indemnity providers.