The alliance, consisting of Ashfords, Birchall Blackburn, Equilaw, Goldsmith Williams, Gywn James and Lees Lloyd Whitley, will meet regularly to discuss issues impacting on the equity release market place, particularly from a legal perspective.
Claire Barker, chairman of Ersa and partner with Equilaw, said the founding members would meet regularly to debate industry issues and work together to ensure financial advisers had access to lawyers who shared the same vision.
The alliance will be an incorporated body with its own logo and website and members will abide by the terms of a written constitution.
Ms Barker said the group hoped to form affiliations with trade bodies, such as Safe Home Income Plans, the Law Society and the Association of Mortgage Intermediaries.
She said: "I am delighted to form an alliance with five like-minded firms to show that there are solicitors out there who have taken the bull by the horns and are committed to equity release as a specialist area of legal practice."
David Wright, managing director of Surrey-based advisers Sixty Plus, said the alliance was a good development in the equity release industry and he would like to see something similar set up for advisers.
