The Good Risk Law Firm: The Comprehensive PI Insurance Toolkit

Offers guidance on the PII process, and provides law firms with a practical plan for ensuring that their firm is in the best possible position for a successful renewal process in 2014. 

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Details

Description

Insuring law firms is a risky business – insurers will often pay back 80% of the premium paid by the practice in claims. This is one reason why the cost of securing professional indemnity insurance (PII) cover has spiralled in recent years, and why insurers’ requirements are getting stricter.

The report discusses recent changes within the PI insurance market that have had an impact on availability of cover and cost of premiums – including the failure of insurers in the market; the property boom pre-2008, which has led to an increase in claims and fraudulent transactions; and the subsequent economic downturn, which has raised questions over the financial stability of practices.

The report outlines the factors which will affect the renewal process in 2014, and provides expert advice on developing a framework to ensure a law firm is prepared for the in-depth scrutiny of the insurance brokers they apply to. It also examines what the future holds for PI insurance.

Contents

Chapter 1: Introduction – The legal market gets a wake-up call

Chapter 2: Business goes social

Chapter 3: The large law firm as a laggard in the social arena

Chapter 4: Arguments for and against the social firm

Chapter 5: Putting social into practice

Chapter 6: Key elements of a social firm

 

Check our Executive Summary and full table of contents here

Authors

Michelle Garlick
Michelle, a professional indemnity lawyer, is a partner at Weightmans LLP and leads the Compl-i service. She is a well-known speaker on the legal circuit and has had a number of articles published in relevant legal media. She is a consultant for the Law Society’s Risk and Compliance service, a committee member of, and contributor to, the Legal Compliance Bulletin, and the author of The COLP’s Toolkit, published by The Law Society. She is also a council member of Manchester Law Society and chair of its regulatory affairs committee and COLP and COFA forum.
Bhavni Shah
Bhavni is a highly experienced consultant and trainer specialising in regulatory compliance, risk management, and quality assurance for legal practices. Her expertise in this area has led her to contribute articles in the legal press and present a number of seminars and training courses. Bhavni is also a Law Society Risk & Compliance Service Associated Consultant and an accredited Lexcel Consultant and Assessor. Before joining the SRA as regulatory manager, Bhavni was a consultant in Compl-i.
Joanne Smith
Joanne qualified as a solicitor in 2003, and has specialised in regulation and compliance since 2008. She delivers advice on risk registers, business continuity planning, outcomes-focused regulation, and the sale and purchase of WIP from distressed law firms.
Adam Entwistle
Compliance consultant with a track record of delivering successful alternative business structure (ABS) applications for clients.
Jennifer Haren
Solicitor, based within the Professional Risk Team at Weightmans LLP.