It is now official! You pay less PI premiums if you are Lexcel qualified. The Law Society has announced that it has negotiated preferential rates for Lexcel accredited firms with a PI provider. The name of the provider has not been given but accredited firms can be put in touch with them via the Law Society.
So why should Lexcel accredited firms have this privilege? The Law Society says this is because of “accredited practices’ achievements in meeting the rigorous standards set by Lexcel”. They have a proven lower rate of claims, better performance and better practice management.
The Law Society launched the Lexcel mark and accreditation scheme in 1998. The concept behind it was to have a the mark that was recognised by the public as representing a well managed firm and also to assist those who achieved accreditation improve their risk management and reduce PI insurance premiums. The scheme has evolved with changes in the profession and in insurance and the latest version (v5) has been introduced to cover the new code of conduct and the requirements of other accreditation schemes, such as the Conveyancing Quality Scheme and the Family Mediation Scheme.
Gone are the days when a legal firm can just be assumed to be doing the right thing. All must now be able to demonstrate that they are compliant with the SRA requirements and those of their insurers. All are now liable to audit and if the inspectors come in, they will not be satisfied with vague answers or tick box replies, they will want to see real evidence of compliance. This is a huge challenge to many firms, but help is to hand for those that need it.
Legal Eye (http://www.legal-eye.co.uk
) is a consultancy that specializes in working with law firms to ensure compliance and optimise performance. They can help with everything from file audits to full blown applications for accreditation. They work with large and small firms, each client receiving a bespoke service according to what they need.
Legal Eye has been recommended by Eddie Goldsmith, The Conveyancing Association, amongst others. “We work with law firms to ensure compliance and optimise performance.” says Jaunita Gobby, Director of Legal Eye. “The advice we offer is clear and practical, and we pride ourselves on our exceptional customer service and unbeatable work quality”. So, do not despair or feel that the requirements of compliance will overwhelm you and your firm. Get in expert help. It is worth it to find yourselves not only safe from the SRA, but also with a better performing and a more profitable business.