Scheme helps law firms mitigate risk, increase compliance and reduce professional indemnity insurance premiums.
LEAP, the world’s leading legal software provider for small to mid-sized law firms, is celebrating the success of its Best Practice Standard (BPS) conveyancing accreditation scheme as it reaches its one-year milestone.
The Best Practice Standard was set up to help law firms achieve and maintain the highest standards of conveyancing and is free to law firms as part of the LEAP software licence. Participating firms receive regular independent audits performed remotely by the Centre for Assessment. These provide analysis and reports based on assessments of areas such as client care, anti-money laundering, risk and compliance.
Mike Leeman from participating firm Bell Lamb & Joynson Solicitors says: “LEAP has helped us to grow and streamline our business. In addition, the recommendations of the LEAP Best Practice Standard have helped us to progress matters, reduce risk and increase compliance and, with the regular remote audits, have helped reduce our PII premiums by 29%.”
Saving Best Practice Standard members 12% on average, the lower premiums offered by insurance companies are proving that the scheme is being recognised as an effective compliance tool that reduces the risk associated with conveyancing.
Craig Taylor, conveyancing manager at LEAP, comments: “We are delighted with how popular the BPS has proved to be and we are keen to maintain momentum as both we and our members recognise the scheme’s potential. Already, from our initial engagement with industry stakeholders, including lenders, there seems to be an appetite for this type of comprehensive solution.”
In the New Year, BPS will be offering its members one year’s free membership to the Bold Legal Group (BLG) – a nationwide network of over 700 conveyancing firms. The information bulletins and training provided by BLG to its members keeps them up-to-date on industry and regulatory changes as well as providing a vibrant forum to answer questions, exchange knowledge and ideas and promote excellence in conveyancing.
Rob Hailstone CEO of the Bold Legal Group comments: “The LEAP Best Practice Standard is a conveyancing safety blanket. It not only provides internal security and compliance for law firms and fee earners but reassures lenders and PII companies, leading to reduced PII premiums. The standard means conveyancers are better informed and better protected against all threats.”