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“ Respondents were also asked to determine what
makes a good law firm. Correct and accurate
legal advice was the most quoted quality,
with honesty, the ability to apply the law in
a commercial way and prompt, reasonably
to reduce legal spend. For the insurance business, that
priced service also repeatedly mentioned.” may well be by taking more work, especially claims-
handling, in-house.”
Several in-house counsel also said that they were giving
respondents were also asked to determine what makes a good law firm. Correct and
considerable thought to whether employing a senior
accurate legal advice was the most quoted quality, with honesty, the ability to apply the law in
legal expert in-house would prove fruitful in the long
a commercial way and prompt, reasonably priced service also repeatedly mentioned. Terms
term. One respondent concluded: “I am concerned
such as “straightforward”, “predictable service” and even “local” may not seem particularly
about the possible changes in independence, which
complimentary but were determined as being important qualities, perhaps reflecting the
might flow from the structural changes within the legal
current economic downturn. A personal relationship was also cited as becoming increasingly
industry in, I think, 2011, when it will be possible to
appreciated in these times of change. Shining a positive light, over 90 percent of respondents
introduce external capital into the profession.”
were satisfied with the service provided by their current chosen law firm.
The legal profession has long proved to be an
Providing an insight into how the legal industry may continue to change, the survey asked environment in which ‘survival of the fittest’ holds
respondents what they believe to be the likely future challenges for law firms. Canopius’s Osman true by ensuring it remains reactionary. Some industry
provided useful insight: “I do think that the greatest challenge that major law firms may face leaders now believe that law firms need to actually be
in the immediate and longer-term future is one of cost. I’m not at all convinced that corporate more proactive in anticipating future trends, especially
clients are getting good value for money on many occasions, and there is no doubt that, if like as the legal profession is demanding greater diversity
me, you work for a ‘smaller’ organisation, you will frequently be looking for ways in which and increasing its use of new technologies.
September 2009 | INTELLIGENT INSURER | 27
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