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Embedding a Risk Management culture in Law Firms

November 29 2013

News - Risk Management - General, Claims

Embedding a Risk Management culture in Law Firms

Outcomes Focussed Regulation reflects the SRA's recognition that risk management is essential to a law firm's daily operation. Embedding risk management is often seen as a time-consuming luxury, which firms facing harsh commercial realities cannot achieve. As the spotlight increasingly falls on the financial performance of firms, effective risk management is a commercial necessity. We outline some high level tips for achieving this.

November 25 2013

News - Professional Indemnity

Lemma Europe falsified accounts

Failed unrated insurer, Lemma, found to have failed to meet required standards in underwriting, claims handling, and in its own accounting practices, according to a report in the Insurance Times this week.

Is your practice at risk? Law firms identified as target of financial fraud

November 20 2013

News - Risk Management - General, Claims

Is your practice at risk? Law firms identified as target of financial fraud

The SRA Risk Outlook published this month identifies a range of current and emerging risks. In this first article in a series focussing in risks identified in the SRA report, Calum MacLean, Risk Manager at Lockton, considers how best firms can tackle the risk of financial fraud.

Mergers: a case of 'Marry today, divorce tomorrow'?

November 15 2013

News - Professional Indemnity, Risk Management - General

Mergers: a case of 'Marry today, divorce tomorrow'?

As the latest research from HW Fisher suggests that a third of small law firms in the south east are considering merging, we ask what the key drivers for merger are, and what you should be considering before tying the knot.

At least 50 firms in breach of reporting obligations to SRA over failure to obtain PII renewal

November 13 2013

News - Professional Indemnity

At least 50 firms in breach of reporting obligations to SRA over failure to obtain PII renewal

What are the implications of firms continuing to operate, having failed to obtain cover by 1st October? While they may not yet be operating without insurance, due to the 90 day extended indemnity period, the consequences for firms, their partners and ultimately their clients could be significant.

At least 185 firms still seeking cover one week after 1st October PII renewal deadline

October 11 2013

News - Professional Indemnity

At least 185 firms still seeking cover one week after 1st October PII renewal deadline

185 firms have informed the SRA that they are still seeking cover, as at 8th October - with little more than 3 weeks to find PII cover or be forced to wind up their business. Steve Holland, Senior Vice President at Lockton, considers the implications for the profession.

LocktonSolicitors Client Portal launches

September 26 2013

News -

LocktonSolicitors Client Portal launches

The logged-in site for LocktonSolicitors is going live. For information and advice on using the site, read more.

Exit Polls from Solicitors PII Renewal 2013

September 26 2013

News - Professional Indemnity, Risk Management - General, Claims

Exit Polls from Solicitors PII Renewal 2013

As the 2013 Professional Indemnity renewal draws to a close, we take an early look at the state of the market, how firms have fared, and more importantly, what they need to focus on for next year.

Berliner unrated market may be blocked from insuring solicitors in 2013/14

September 09 2013

News - Professional Indemnity

Berliner unrated market may be blocked from insuring solicitors in 2013/14

Market information suggests that Berliner, the unrated insurer that took over much of Balva's business earlier this year, may not be permitted to place any solicitors PII for 2013/14. Where does this leave solicitors who thought they had renewed with Berliner?

Fixed fees and unbundled services - implementing new service delivery methods

August 28 2013

News - Professional Indemnity, Risk Management - General

Fixed fees and unbundled services - implementing new service delivery methods

The legal aid cuts will inevitably have an impact on the availability of legal services for those on lower incomes. Firms also need to look at how services are delivered, as clients continue to require access to knowledgeable, affordable legal advice. Fixed fee packages, or unbundled legal services, may provide the solution for some firms. However, there is a real fear that commoditisation of legal services will lead to the "dumbing down” of work and the potential for heightened claims risk for firms. Andrew Nickels, Risk Manager at Zurich, suggests some practical measures for firms considering a fixed fee or unbundled service approach

Solicitor's Professional Indemnity - State of the Market 2013

August 19 2013

News - Professional Indemnity

Solicitor's Professional Indemnity - State of the Market 2013

This report looks at the PII market for England & Wales solicitors in 2013, and examines the underlying factors that affect the cost of Professional Indemnity Insurance (PII) for the legal profession. We also assess the prospects for the 2013 renewal and what impact the end of the ARP and variable renewals dates will have on the market.

Are your IT systems leaving you at risk?

August 02 2013

News - Risk Management - General

Are your IT systems leaving you at risk?

Legal IT has long been about balancing security and convenience, and last year's buzzword, BYOD -bring your own device - tipped the balance to convenience. As lawyers access firms' systems and data from more devices, the focus is shifting.

Stricter Court procedures increase risk of timebar claims?

August 02 2013

News - Professional Indemnity, Risk Management - General, Claims

Stricter Court procedures increase risk of timebar claims?

Courts are implementing a much stricter approach to implementing time limits and court orders. With missed time limits accounting for a high percentage of litigation claims, the importance of effective critical date procedures cannot be underestimated.