Benefits of Lexcel

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, beauty parades and panel reviews
  • Helping to demonstrate best value compliance for local authority instructions
  • Consistency of service from all solicitors and practice groups
  • A framework to meet new legislative requirements such as the Money Laundering Regulations 2003
  • 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.

Six of the key areas of concern identified by the Solicitors Indemnity Fund (SIF) are covered by Lexcel:

  • Risk assessment and management responsibility
  • Understanding services offered and their delivery
  • Appropriate skills, knowledge and training
  • Supervision of staff
  • File management, diary control and conflict of interest
  • Terms of engagement and Rule 15 compliance

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% of what we could have expected had SIF 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% for Lexcel. In our case, we received the full 15% - a saving of some £22,000!'

What insurers say

'Saturn is delighted to support this initiative and will be prepared to give a discount of up to 10% from our normal premiums to all firms who achieve the Lexcel practice management standard.'

'The St Paul welcomes Lexcel's Practical Guide to Minimising Risk. This initiative can only benefit law firms, because increased awareness of risk means reduced exposure to claims. Lexcel represents a mark of quality which we will view favourably when calculating premiums.'

'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.'

'Alexander Forbes Professions and Hiscox Insurance Company Ltd recognise the value of Lexcel accreditation. Clearly Lexcel endorses a proactive approach to risk management which should ultimately be reflected in a practice's claims experience, and therefore favourable premiums.'

'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