Law Society offers PI insurance quotes to CQS & Lexcel firms

The Law Society has decided to offer competitively priced professional indemnity insurance quotes to both Lexcel accredited firms and Conveyancing Quality Scheme Firms for this year’s renewal season, starting October 1.

Set up though a partnership between the Law Society and Hera Indemnity, a professional liability insurance broker, the new initiative will be offering accredited firms the ability to obtain reduced business liability insurance premiums.

Lexcel and CQS practices will gain access to competitively priced quotes from a panel of insurance providers who have committed to supporting both valuable schemes.  Desmond Hudson, chief executive of the Law Society, said that anecdotal evidence exists that having a Lexcel accreditation can result in reduced professional indemnity insurance premiums for solicitor firms.

While CQS is still in its infancy, Mr Hudson said, some insurance providers have already began to offer discounted premium prices for CQS firms.  The Law Society wants to capitalise on this trend, the chief executive said, by providing a facility which acknowledges the advantages that Lexcel and CQS provides to solicitor firms from the perspective of professional indemnity insurance.

The CQS, which was launched earlier in 2011, has seen in excess of 600 firms signing up to it.  The Lexcel scheme, which is a practice management standard for both in-house legal departments and law firms, focuses on encouraging high standards in risk management, case management, and client care, and scheme holders are given an annual assessment to ensure they are in compliance with the standards set by Lexcel.

Mr Hudson also said that Lexcel and CQS carry benefits beyond potentially reducing professional indemnity insurance premiums.  They not only reduce risk, they also highlight high law firm management standards, he added.

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