Benefits of Lexcel
Independent research has indicated that Lexcel accredited
practices typically enjoy the following benefits:
- New instructions and clients
|
- 'Best Value' compliance for local authorities
|
Improved client
care
81% of Lexcel accredited firms had benefited from
improved client care and client satisfaction
The Lexcel Standard requires its accredited firms to have a
client care policy in place which must deal with how enquiries from
potential clients will be dealt with and ensure that before taking
on a client, the practice has sufficient resources and competence
to deal with the matter. This policy must be reviewed annually, to
verify it is in effective operation across the practice
It is also a Lexcel requirement that a firm will have a
procedure to monitor client satisfaction across all areas of the
practice.
Risk
management
78% of firms identified Lexcel as an important risk
management tool that had led to a reduction in
complaints
Lexcel covers all the main causes of claims against solicitors
within the standard. In addition it covers specific procedures for
assessing and managing risk within your practice.
Accredited practices will have a risk management policy, which
must include strategic risk, operational risk, and regulatory risk
and must give high regard to supervision and operational risk
management through various processes and procedures.
"The Lexcel standard
provides a new business with an ideal structure from which to work
and ensures that all bases are covered. Risk Management and
Business Continuity issues are just as important to small
businesses as they are to large - in some cases even more so."
Juliette Kinsey - Kinsey & Co.
Solicitors
Management efficiency -
Business improvement tool
75% of firms identified Lexcel as a useful business
improvement tool
The Lexcel Standard requires that accredited firms develop and
maintain a marketing and business plan that includes measurable
objectives for the next 12 months together with a business
continuity plan, which must include a procedure to test the plan
annually, to verify that it would be effective in the event of a
business interruption.
"The Lexcel
accreditation has been extremely important in the development of
the Practice. With the assistance of Assessment North East, in
particular Sally Johnson, we have fully adopted the Lexcel model
and the ethos behind it. As a result Lexcel has been a real driver
for change and improvement in standards and consistency throughout
the different departments of the firm so that we have been able to
achieve national recognition by winning this auspicious Award."
Clive Thomas - Watkins &
Gunn
Lower insurance premiums
69% of firms identified a reduction in insurance
premiums once accredited
Increasingly, indemnity insurers are looking at what risk
management procedures are in operation within practices; Lexcel is
a great tool to highlight risk management strategies. This in turn
could lead to a cut in cost of your indemnity insurance premiums.
Lexcel provides the structure to cover the main causes of claims
against solicitors, but also includes specific risk management
systems and procedures, ensuring that risks are minimised.
Lexcel - A Bokers View (News
article)
Increased profitability
"Dickinson Dees are delighted to have maintained
Lexcel accreditation for several years. We consider that the Lexcel
standards reflect what law firms should be doing to run their
businesses efficiently and effectively and that working to achieve
accreditation provides a good discipline for firms to ensure that
they take the steps necessary to adopt best practice. The feedback
received in the course of the assessment process is also extremely
useful in assisting us in achieving our objective of continuous
improvement. Our business has grown substantially with increased
profitability since we have been accredited for Lexcel and meeting
the standards has played its part in this." Neil Braithwaite - Dickinson Dees
Regulatory compliance
The Lexcel Standard requires firms to consider regulatory risk
as part of the firms overall Risk Management Policy. The policy
must be a reviewed annually, to verify it is in effective operation
across the practice.
"We decided to work
towards Lexcel accreditation with a view to improving our internal
organisation through the implementation of consistent policies
across all areas of practice. Assessment North East were
approachable and pro-active in providing us with practical guidance
and support throughout the preparation and assessment process. We
have found that Lexcel has helped us significantly in ensuring full
compliance with the Solicitors Code of Conduct 2007 by providing a
structured framework to facilitate the strategic and operational
management of compliance issues." Joanna
Kingston-Davies - Lees Solicitors LLP