It pays to have Lexcel!

It pays to have Lexcel!

It is now official! You pay less PI premiums if you are Lexcel qualified. The Law Society has announced that it has negotiated preferential rates for Lexcel accredited firms with a PI provider. The name of the provider has not been given but accredited firms can be put in touch with them via the Law Society.
So why should Lexcel accredited firms have this privilege?  The Law Society says this is because of “accredited practices’ achievements in meeting the rigorous standards set by Lexcel”. They have a proven lower rate of claims, better performance and better practice management. 
The Law Society launched the Lexcel mark and accreditation scheme in 1998. The concept behind it was to have a the mark that was recognised  by the public as representing a well managed firm and also to assist those who achieved accreditation improve their risk management and reduce PI insurance premiums. The scheme has evolved with changes in the profession and in insurance and the latest version (v5) has been introduced to cover the new code of conduct and the requirements of other accreditation schemes, such as the Conveyancing Quality Scheme and the Family Mediation Scheme.
Gone are the days when a legal firm can just be assumed to be doing the right thing.  All must now be able to demonstrate that they are compliant with the SRA requirements and those of their insurers. All are now liable to audit and if the inspectors come in, they will not be satisfied with vague answers or tick box replies, they will want to see real evidence of compliance. This is a huge challenge to many firms, but help is to hand for those that need it.
Legal Eye (http://www.legal-eye.co.uk)  is a consultancy that specializes in working with law firms to ensure compliance and optimise performance. They can help with everything from  file audits to full blown applications for accreditation. They work with large and small firms, each client receiving a bespoke service according to what they need. 
Legal Eye has been recommended by Eddie Goldsmith, The Conveyancing Association, amongst others. “We work with law firms to ensure compliance and optimise performance.”  says Jaunita Gobby, Director of Legal Eye. “The advice we offer is clear and practical, and we pride ourselves on our exceptional customer service and unbeatable work quality”.  So, do not despair or feel that the requirements of compliance will overwhelm you and your firm. Get in expert help. It is worth it to find yourselves not only safe from the SRA, but also with a better performing and a more profitable business.

Legal Eye

https://www.legal-eye.co.uk/

Legal Eye works with law firms to ensure compliance and optimise performance. Their extensive and thorough knowledge of the law and regulations will ensure your law firm is compliant and your processes sound. Files are audited to ensure you are not only complying with the service level agreements you have in place, but very importantly, also the code of conduct.

They provide a documented audit trail which is firstly, a requirement of the code of conduct and secondly, essential for PI Insurance purposes and very often for CQS, Lexcel and other quality accreditations. This provides documented evidence of a proactive approach towards risk management. The advice they offer is clear and practical, and they pride themselves on exceptional customer service and unbeatable work quality.

Services include:

  • Specialist expertise across the full range of regulatory, risk and compliance issues to inform your internal decision making.
  • Additional qualified resource where you simply do not have the time to review your regulatory position or to carry out essential ongoing tasks such as file reviews.
  • An online risk hub –  an online resource centre for law firms. The hub provides a comprehensive bank of resources to help COLPs, COFAs, partners, directors and managers to manage risk. It includes precedent policy and procedure documents and templates, access to online training on a range of risk and compliance topics, and a range of useful materials such as ‘how to’ guides, short videos and articles.
  • Drafting and review of key policies and procedures including the supply of ‘document packs’ to save you time researching and writing documentation.
  • Expert advice on how to comply with up-to-date regulation including the very latest requirements complete with a written set of recommendations.
  • Specialist outsourced complaints  handling service provided by former SRA and LeO officers.
  • Gap analysis of your firm’s policies, processes and procedures as they relate to the Solicitors Accounts Rules (SAR) including the production of a written report summarising the strengths and weaknesses of the current arrangements and detailing recommended next steps and actions to put your firm in an even stronger position.
  • Training on SAR and on anti money laundering (AML) as well as other finance-related training which can be delivered virtually for your firm, face-to-face (subject to government guidance) or online via Legal Eye’s Training Academy.
  • A Standard Procedures Manual to provide a practical and comprehensive roadmap for firms to follow when looking to double check whether the current operating procedures are fit for purpose, setting up a new firm – or arm of a firm – or starting a new finance function from scratch.
  • Experienced advice and support for one-off projects such as achieving quality accreditations or switching regulators.
  • Proven high quality training for fee earners and staff held at your office/s covering essential risk topics such as  Anti Money Laundering, data  protection, cybercrime, conflict of  interest and more.
  • Online training from The Legal Eye Academy – core modules available to all staff at their convenience. Includes built-in auto reminder functionality so that you no longer have to chase staff indi-vidually to complete important training. Your package includes free updates to ensure knowledge is always up to date.
  • Added value updates by email to all your key people covering all the latest updates on risk and compliance.

The Legal Eye team includes former solicitors, partners and directors in law firms; former case handlers at regulators such as the Solicitors Regulation Authority and the Legal Ombudsman and experienced risk and compliance professionals.


Contact: Paul Saunder

Tel: 0203 0512 049

Email:  [email protected]

Address
The Old Grammar School
Church Road
Thame
Oxfordshire
OX9 3AJ

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