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I love the idea of being freelance, but what terrifies me is the potential liability side. Say you make a mistake (and it costs more than the value of your house) and the big firm you work for decides to turn on you and sue you, and your PI cover (or any so called indemnity from the firm) turns out to be worthless. I couldn't face the prospect of (or pay the legal fees for) having to defend a High Court claim, even if it was completely unjustified and bound to fail. The risk of losing everything and being made bankrupt outweighs all the nice flexibility points. I would be interested to know how people on both sides deal with this issue, and what the SRA has to say about it.