Benefits of Lexcel

Lexcel Benefits

Sir Stephen Lander’s independent research of Lexcel accredited firms revealed that:

  • Lexcel helped 69% of firms reduce their PI insurance
  • 81% found it improves client care
  • 79% felt it improves risk management

In additional Lexcel can help with:

  • 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

Lexcel accreditation could help to cut the cost of your indemnity insurance premiums. 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

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Professional indemnity insurance

Many firms looking to apply for Lexcel Accreditation for the first time wish to know how this will affect their professional indemnity insurance. Whilst there is no fixed position on this, insurers do look favourably on firms who can show their approach to risk and the policies and procedures they have in place. Gaining the Lexcel standard is an instant ‘tick in the box’ many for of these concerns.