Reduce your PII premium
Probably the biggest purchase your firm makes each year and also probably the most stressful. Each year the issues around PII fill the front pages of legal press: the ARP, rising claims, insurers dropping out of the market, escalating premiums – its headline making stuff.
However there is a way to protect your firm from the spiralling costs of Professional Indemnity Insurance.
LawNet firms take part in the largest solicitors placing in the PII market. With a total scheme placing last year of £1.2 billion, LawNet firms benefit from greater buying power than approaching the market alone, as a group they are Stronger Together.
Each firm’s premium is rated individually on the basis of that firm’s own risk profile and claims experience. Group discounts are then applied to reflect the advantage of purchasing as a group and recognition of our quality standard.
Pooling premium income over the longer term with a strong insurance partner delivers several benefits for LawNet firms: -
- Drives competitive premium negotiation
- Steady approach through the insurance cycle
- Stability and security in claims management and settlement
- Reduced administration for firms
Banding together just for the sake of it doesn’t impress insurers though, especially not in the current market. So apart from the big premium spend, insurers are also attracted by the quality and risk profile of the LawNet group, with all firms independently assessed every six months to the LawNet Quality Standard which is ISO 9001 accredited.
LawNet is one of the few such groups where quality assurance is mandatory.
Group purchasing is just one of many services we provide law firms like yours.