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LQ and Risk Management

Insurance premiums are now the second highest overhead for the legal profession, after salaries. The best way forward to minimize claims, keep the cost of PI insurance at affordable rates and protect your business is to adopt quality and risk management standards.

A new risk management standard was launched in Ireland last year. This standard is called the LQ Standard and it has been devised specifically for Irish firms. It has been approved by insurers in Ireland.

There are a number of standards available in other jurisdictions such as Lexcel (England and Wales) and Law9000 (New South Wales, Australia). There are also international quality standards such as ISO 31000:2009 (a new international Risk Management Standard) and ISO 2001-9000 (international quality standard). Whichever route you choose, we can help your firm improve its risk management procedures.

What is the LQ Standard

The LQ Standard is a set of 8 minimum standards designed to place law firms on a sound business platform.  The LQ Standard has been developed in association with insurance companies. Its primary objective is to enable firms to practice in a safe and profitable manner.

The LQ Standard is designed to

  • Improve quality in the provision of legal services
  • Minimise risk in the provision of those services
  • Improve strategic thinking and planning
  • Prioritise business development
  • Provide a framework for legal firms to implement their own policies and procedures to achieve their aims

The LQ Standard is presented in a straightforward and simple manner. It is transparent. It gives solicitors the tools to present their firms as they would like to existing and potential clients. It enables them to present a sound case to insurers that they are good insurable businesses.

Advantages of the LQ Standard

  • Professional Indemnity Insurance premiums some providers have indicated that rather than follow the “one size fits all”, firms achieve a good score on the LQ Standard will receive favourable renewal terms
  • Competitive edge distinguishes your firm on the basis of service and quality
  • Business Development – answers the question – “why use our firm?”
  • Marketing to commercial clients who expect high standards from their law firms
  • Tendering for Government and public work – points are allocated for quality assurance systems
  • Easier and cheaper to achieve than the ISO 2001-9000
  • Specifically tailored to small firms and sole practitioners
  • Practical and realistic as it is written by a solicitor for solicitors
  • Easy Implementation Plan based on the material in The Solicitors Toolkit
  • Use of LQ Logo on your headed notepaper and marketing material

If you would like to find out more about the LQ Standard, email us at anne@anneneary.ie

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