Practice Management

Practice Management

When renewing your Professional Indemnity insurance (PI) it is important to understand what influences an underwriters’ approach when pricing a risk. Having a greater understanding of the process of underwriting can help your practice achieve the best possible outcome in terms of pricing.

What the underwriter looks for in a proposal form.

1) The proposal form – as basic as it might seem, if an underwriter is shown a properly completed proposal form the firm is instantly regarded in a more positive light.

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2018 marks the Institute’s 40th anniversary. To help celebrate, our annual one-day conference and AGM will take place in Birmingham on Friday 16 November 2018. The event will take place at Austin Court, which is part of the Institution of Engineering and Technology. This is a unique, listed building in the heart of Birmingham city centre. It is a beautiful blend of modern design and period features in an inspiring waterside location.

Jackson Parton

Based in London and founded more than twenty years ago, marine law specialists Jackson Parton Solicitors have a varied client base including Lloyd’s and substantial shipping and insurance companies. They maintain excellent relationships with many law practices around the world.

The Solution

Clients of DPS since 2009, the firm have first adopted Outlook Office (our case management software) and DPS Cashier, following the migration from their incumbent legal accounting software, Access Legal.

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Word of mouth is one of the oldest forms of marketing but still one of the most effective. 89% of us will tell our friends and family about a positive experience with a company and 38% will post about it on social media, according to research by Yonder Digital Group. However, we’re almost (84%) as likely to share a bad experience and 31% said we would flag up examples of poor customer service on social media.

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In The Business Instructor's no-cost online seminar you will discover:

  • The 3 limiting factors that could be stopping you from getting more clients and increasing profits and keeping you working too many hours
  • How to use the 3 essential elements of a profitable practice to overcome these limiting factors
  • A simple, 3 step process to plan out what you need to do next to have more clients and more profits without working more hours

This free online seminar is for you if:

There’s a myth that it’s hard to find insurers willing to cover small law firms. I recently asked a group of sole practitioners in Birmingham how many insurers or managed general agents they thought there were in this part of the market. Most reckoned there were only two or three. In fact, there are 17. They have different risk appetites, of course, but there have probably never been more insurers for small law firms to choose from.

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Data privacy has always been a critical area of importance for solicitors’ practices and barristers’ firms.

All the work you perform for each client and the information they share with you is protected by the confidentiality implicit in the relationship between a legal professional and the person they’re representing.

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In this no-cost online seminar you will discover:

  • The 3 limiting factors that could be stopping you from getting more clients and increasing profits and keeping you working too many hours
  • How to use the 3 essential elements of a profitable practice to overcome these limiting factors
  • A simple, 3 step process to plan out what you need to do next to have more clients and more profits without working more hours

This free online seminar is for you if:

Growing a practice or business is hard at the best of times.

But sometimes there’s more stacked against us that we realise.

And if we don’t have a clear picture of what’s stopping us from growing, it’s twice as hard to know what to do to overcome it.

Over the years I’ve identified 3 Critical Factors that limit the growth and profitability of most practices I see. These are:

  1. Model: The professional services model is broken

The professional practice model is stacked against growth and profitability.

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Professional Indemnity insurance remains one of the three largest overheads for any law firm, along with staff and building costs. Throughout 2018, the Professional Indemnity insurance market has continued to see change ripple under the surface, stimulated by the potential implications of Brexit and a wider nervousness towards the economy. Furthermore, the latest consultation from the SRA seeking to change the minimum level of indemnity required by law firms has seen certain insurers reduce their exposure as margins continue to diminish.

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