In the last three years, 50 law firms with 11 or more partners (including 25 of the Lawyer UK 200) appointed JLT Specialty as their professional indemnity broker.
As the professional indemnity insurance (PII) is heading to a more challenging market in 2019, our advice to firms is based around an approach of strategic planning.
It is all about understanding the options your firm has and then planning with you well in advance.
As insurers have different risk selection criteria, seeking the right advice on what and who is best for your firm is of paramount importance.
What we do
We can help you by offering:
- Direct access to insurers – we are not tied to dealing with any particular insurer. By dealing directly with almost all insurers writing solicitor’s professional indemnity insurance, we are in a strong position to achieve our client’s goals
- Exclusive market – JLT is the only broker to place firms with 11-30 partners with SOMPO, one of the leading providers of solicitor’s professional indemnity insurance
- Market leading data analytics – our vast pool of data on over 5,000 solicitor firms (including over 30,000 claims) enables us to use an analytical approach to negotiating terms
- Your firm can be benchmarked against comparable firms allowing us to determine a target premium, carry out claims comparisons and provide detailed analysis to you
- Risk management training – we work with your in-house risk and compliance team to deliver targeted training. Topics are selected on our knowledge of the profession along with your firm’s key risk and training issues
- Specialist claims team – our award winning legal and technical team provide advice and support regarding overall claims strategy and individual claims management.
We are specialists. Our deep expertise and entrepreneurial culture give us the insights, creative freedom and tenacity to go beyond the routine and deliver better results for our clients. Here’s what makes us different:
Our dedicated team works alongside our clients to create lasting relationships. We are by your side throughout the year providing advice on risk management, claims and other related issues.
We provide a personal and trusted service for our clients.
Our team of experts are based throughout the country to provide local, hands-on service and support. Find out more about the team
Our in-house team of highly experienced claims professionals specialise in managing, negotiating and resolving claims quickly and effectively.
We have has strong trading relationships with the majority of the global insurance market. As a result, we are well positioned to access a wide range of insurers with an appetite for underwriting professional indemnity insurance.
Anyone who practices in the legal services sector will recognise many of these risk issues: ever increasingly demanding clients, limited resources, changing regulatory requirements and the risks associated with online communications cyber.
We appreciate that many firms have limited resources focused on risk management and compliance, covering such risk issues. We can provide a supporting role to your risk initiatives bringing our experience to the table to use as and when you feel we can add value.
We assist large firms that have considerable internal risk management and compliance expertise at their disposal as well as smaller firms who have to juggle their fee earning time with fulfilling their roles in risk and compliance. Our services include:
Benchmarking and claims analysis
By benchmarking various criteria, we are able to highlight how firms compare. This helps us to identify the areas for closer focus and improvement. Unlike many broking firms who have limited data, JLT has one of the largest data pools in the solicitor professional indemnity insurance market.
With information on well over 5,000 firms (which includes 58,000 lines of claims data) across the whole spectrum of size and specialisation within the profession.
Risk management training seminars
Although people are the only real asset of a law firm they are also its biggest risk. Embedding risk awareness continues to be an important factor in the control of risk. Our insightful seminars and workshops look to transform the sometimes negative attitudes towards risk management and compliance. Our risk management training sessions typically last an hour and can be conducted at any time.
Market intelligence is important because it can help you to identify new trends and risks. It also provides early warning of market changes, trends, threats and opportunities. For us, keeping track of the professional indemnity insurance marketplace is an integral part of our business.
Keeping our clients informed of developments in the marketplace is just one of the areas in which we excel. We provide regular updates on risk issues affecting the legal sector.