Isle of Man: The Legal Profession
Solicitors' Accounts' Rules
Professional indemnity insurance is mandatory in the Isle of Man. There is no client compensation fund.
The holding of client money is regulated by the Isle of Man Law Society's Advocates' (Accounts) Rules 1993, which are similar to the English Solicitors' Accounts Rules and stipulate that client money be held in a designated client account. Rules also cover a client's entitlement to interest.