Research and feedback from Lexcel accredited practices has identified the following benefits:
- effective risk management leading to fewer claims or complaints
- better customer service leading to increased client retention
- lower insurance premiums or favourable treatment from insurers
- improved marketability and competitive advantage
- increased success in tenders and panel reviews
- helping to demonstrate best value compliance
- consistency of service from all solicitors and practice groups
- help with new practice rules
- increased profitability
How Lexcel can minimise risk within practices
Lexcel accreditation could help to cut the cost of your indemnity insurance premiums. Increasingly, indemnity insurers are looking at what risk management procedures are in operation within practices. Lexcel provides the structure to do this since it not only covers the main causes of claims against solicitors, but also includes specific risk management systems and procedures.
Lexcel accreditation for LSC family contract providers
New providers for Legal Services Commission's (LSC's) family contracts can now choose to be Lexcel accredited instead of the obtaining their Specialist Quality Mark (SQM).
Read more about the change
What practices say
'Our claims record has improved year on year since we introduced the practice management standards, culminating in the award of Lexcel, resulting in a reduction in our insurance bill of approximately 50 to 60 per cent of what we could have expected had the Solicitors Indemnity Fund continued. That should help to persuade even the most cynical partner!'
'We were delighted to hear that our insurer, Royal Sun Alliance, was offering discounts of up to 15 per cent for Lexcel. In our case, we received the full 15 per cent - a saving of some £22,000!'
What insurers say
'In any business, having appropriate systems and procedures in place are key to reducing complaints and potential claims resulting in savings in time, worry and expenditure ultimately leading to lower premiums. Lexcel provides an ideal means to achieve these goals.' QBE International Insurance Ltd
'Zurich Professional recognises Lexcel as a framework for good management practices. It includes excellent requirements and recommendations for systems and procedures which if complied with consistently and conscientiously throughout the practice should significantly reduce the risk of complaints and claims.'
'Qualifying insurers will increasingly favour those practices which have excellent claims records and a commitment to excellence in the operation of their legal business, including the Lexcel practice management standard.' - Marsh Ltd
Contact us
For more information contact the Lexcel office at the Law Society:
- Email: lexcel@lawsociety.org.uk
- Telephone: +44 (0) 20 7320 5933
- Address: Lexcel Office, The Law Society, 113 Chancery Lane, London WC2A 1PL