Making it easier to grow your law firm

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This section covers succession, specialisation, mergers, selling a law firm, becoming a partner, and business structure

How to set up your firm’s systems to provide the information that enables you to improve profitability and cashflow

How to avoid professional negligence claims, with examples of common problems and suggested solutions. Plus FAQs on PII

This is a new section and only covers SRA Accounts Rules and GDPR at the moment. Compliance for start-ups is covered in the Starting up section.

How to protect your law firm from cyber attacks. What steps to take if your systems are hacked

How to recruit and retain a team that is both happy and highly effective, dealing with the HR issues along the way

In marketing, like anything, you need to get the basics right. Otherwise the time and money you invest in marketing will be wasted

How to win new clients, make the most of existing relationships, encourage referrals and generate new leads

How to approach creating a law firm website that works, from agreeing your objectives to making sure you get the results you want

Why lawyers need to know about social media, how to make the most of the opportunities and how to avoid potential pitfalls

How to use PR to build your firm’s reputation; and how to create cost-effective advertising – traditional and online – that delivers results

How to plan and execute the process of starting up a new legal practice that is compliant and financially healthy

Avoiding claims. Insurance - overview

James Kerr, head of professional indemnity at Travelers, introduces the Avoiding claims. Insurance section. (Updated 12 January 2021)

Mistakes happen, in law firms like anywhere else. Work piles up. Deadlines arrive. Issues are complex. Key risks get overlooked. But in the legal sector, the cost of such mistakes can be enormous, so professional indemnity insurance is a major expense and avoiding claims is a key objective.

This section opens with a set of 98 FAQs, in two parts: Professional indemnity insurance for law firms FAQs: Part one and Professional indemnity insurance for law firms FAQs:Part two. These FAQs explain how much insurance you need, how to keep your costs down, how to avoid pitfalls when seeking cover, how to make a claim, plus closing down and other special situations.

Next is a helpful set of articles on how to avoid negligence claims, the team at Travelers reveal the most common areas of risk to watch out for. The advice is brought to life by all the real-life examples they have included. Most importantly, they suggest ways to organise your work to minimise the risk – and the stress – that is part and parcel of all legal work.

Residential conveyancing generates more negligence claims, at more cost, than any other work area.

Commercial conveyancing comes second, with leases and assignments being particular problem areas.

Company and commercial ranks third in terms of the value of the claims, although only sixth in the Travelers data showing volumes of claims. When contracts fail to protect a client the financial damage can be extensive.

Wills, trusts and probate work ranks fourth in terms of value and third in volume. Tax errors can be expensive.

Commercial litigation ranks fifth in value and fourth in volume. Errors and omissions occur during the day-to-day legal work.

 

A long item called 'Covid-19 and operational risk' is a useful holistic view of risk in a law firm.

Lastly, we are creating a set of ten-minute podcasts on our new YouTube channel. The first three are Risks for lawyers podcast introduction, Advice risk in legal service delivery and Dishonesty risk in legal service delivery.

We hope you find the site useful – join us on Twitter and LinkedIn to keep up to date as new content is added.