PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP

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1 PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP

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3 GROWING FROM STRENGTH TO STRENGTH Willis Legal Services Practice Group is one of the largest, most experienced and influential teams in the insurance market. As part of the UK Professional Indemnity Division, we manage the Professional Indemnity Insurance (PII) and risk management requirements for a wide cross section of legal service providers. The breadth and depth of our industry experience and expertise enables us to provide competitive, comprehensive insurance solutions and assistance throughout the year for all our client s insurance and risk management needs. On June 18th 2013, Willis strengthened its offering in the professions sector by acquiring Prime Professions, a leading UK (PII) broker specialising in Solicitors PII. Whether you are one of the largest International law firms in the world, a smaller high street practices or a Sole Practitioners we can provide a service from which you will gain significant advantage. We manage the Professional Indemnity Master Policy for the Council for Licensed Conveyancers and are regularly asked to attend and speak at industry forums such as International Institute of Law Association Chief Executives (IILACE), The Council of Bars and Law Societies of Europe (CCBE). As such, we understand the changes in the legal sector which allows us to provide practical and professional advice and assistance. Our wealth of experience and in-depth knowledge is widely recognised and we provide advice to law societies, mutuals, commercial insurers and national governments on Professional Indemnity issues. For our clients, our goal is simple: we aim to be regarded as a trusted adviser, a role that is conducted with passion, energy and professionalism. Our commitment to our clients is to provide a service that is beyond expectations; one that fully supports your business aims and objectives and helping you to grow from strength to strength. Completion of the deal sees Willis continue its strategy of targeted mergers and acquisitions activity, allowing consistent growth of our capabilities and global reach. Willis, with its powerful international network will now be in a position to drive forward and develop Prime Professions' impressive portfolio, whilst maintaining the highly personal service for which Prime has become so highly regarded. Steve Hearn, Willis Group Deputy CEO and Chairman and CEO of Willis Global PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP 3

4 OUR SERVICE The risks faced by the legal services sector are varied and in many cases increasing. Our Legal Services Practice group specialise in the negotiation and placement of insurance solutions to protect you from these risks including: Professional Indemnity Insurance (PII) Management Liability Insurance, including: Directors and Officers COLPs and COFAs HOLPs and HOFAs Employment Practices After the Event Legal Expenses Deductible In-Fill Insurance Captive Management Pension Trustees Insurance General Liability and Property Insurance Cyber Liability We have now worked successfully and happily with the team at Willis for several years. The team is excellent and we appreciate and value the time taken to understand us and present our risk to insurers which has produced some excellent results for us. Top 20 Law Firm We provide a combination of sector expertise, technical expertise, professionally qualified associates and a personal, proactive service to meet our client s insurance requirements. 4 PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP

5 RISK MANAGEMENT CONSULTANCY Our clients receive a boutique broker service whilst still receiving all the benefits that a global broker provides - ensuring consistently competitive priced insurance solutions. In many ways we consider the placing of a PII policy to be the last piece of the protection jigsaw. We understand the legal and regulatory landscape you work in and the risks faced. As such, we are able to provide help and assistance to prevent issues that would interest your regulator and reduce the incidence of claims and complaints through the provision of training and awareness. In conjunction with our award winning Compliance, Risk and Regulatory consultancy, CORRE, we are able to provide our clients: SRA CPD accredited Risk Management Training for Principles, Fee Earners and Support Staff Risk and File Audits Merger and Acquisition Due Diligence Compliance, Risk and Regulatory Health check Risk Register Implementation and Reviews The sessions went down extremely well. A large number of partners and assistants said that it was the best such session they have been to because it was given by somebody who had actual practical knowledge of what can go wrong and whilst it is a very depressing subject you interspersed it with humour which was excellent. Top 20 Law Firm RISK & ANALYTICS Our Risk & Analytics team have gained knowledge from millions of data points, enabling us to create a sophisticated strategy to develop individual client solutions using an analytical approach. We call this Intelligence Risk InSight (IRIS). Using data gathered since 2005, IRIS offers advanced and innovative analytics tailored to your peer group, providing you with unparalleled market insight, knowledge and analysis. IRIS covers four key areas; Peer Benchmarking Market Intelligence Claims Analysis Service Performance Each with insight organised by industry, size of business and geographic location. PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP 5

6 MERGERS & ACQUISITION A service for you and your clients. The Legal Service sector has seen a great deal of consolidation in recent years and whilst many of these mergers are for sound reasons they are not without an element of risk. Our Mergers & Acquisitions Practice is an experienced, dedicated team concentrating on assessing and insuring the risks and exposures arising from mergers, acquisitions and other corporate transactions. Combining the due diligence, transaction solutions and environmental functions within one practice increases efficiency and communication during a transaction. We are also there for your clients and can provide considerable help and assistance through the many issues faced. EXPERT CLAIMS TEAM Having a large PII claim brought against a firm can have wide-ranging effects. The exposure of your excess, potentially damaging reputational issues and the effect on future PII premiums are all important considerations. Effective claims handling comes down to preparation and communication. Unlike some major global brokers, Willis does not outsource any part of the claims service to a third party. Our in-depth knowledge of the claims process combined with close relationships with insurers claims teams, adjusters, solicitors and other experts ensures we maintain control over a claim right from the start and provides our clients with a more responsive service. As a result we often make a real difference to the outcome of our clients claims. FINEX Global continues to lead the way in getting claims paid quickly and efficiently. Their clientcentred approach ensures that they have a good understanding of their clients and their business. Using their own insight and understanding of their clients business, they ensure potential issues are dealt with proactively. Willis do not abandon their clients to a claims team which does not have the same understanding and relationship. This approach maximises the chance of claims being paid promptly. A Magic Circle Law Firm 6 PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP

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8 SOLE PRACTITIONERS 8 PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP Willis has a dedicated team committed to Sole Practitioners for whom the team have acted from the very commencement of the Open market in In our role as the Sole Practitioners Group (SPG) preferred Broker we seek to bring choice, provide clear advice and support. We are also able to use the clout that being part of a leading global broker brings to develop more options for Sole Practitioners. THE CORRE COMPLIANCE SUITE Regulation and Compliance have become an increasing concern for firms in recent years; with many finding it a burden they could well do without. As a result, and to assist the many firms we represent, in partnership with CORRE we have developed the CORRE COMPLIANCE SUITE. This is a series of affordable support tools to make the process of Compliance and Regulation far less of a burden than it often is. Sole Practitioners continually face challenges and this renewal promises to be one of the most challenging and fluid renewal processes in recent years. Having the Willis PII team working with you provides access to exclusive insurers and the experience gained from many years of assisting Sole Practitioners. We understand the issues you face and recommend that Willis are at the top of your list when considering the choice of PII broker. Paid for monthly, the suite includes: Office Procedures Manual Draft client care letters COLP/COFA Helpline Dedicated website to provide continued support and reference points Gap Analysis and Consultancy visits from qualified solicitors On line training modules covering six key areas of compliance which are CPD qualified In a difficult market for smaller practices you resisted the natural temptation to focus exclusively on larger firms. I would be happy to recommend you to other firms. SOLE PRACTITIONER, LONDON

9 CYBER ATLAS THE FIRST COMPREHENSIVE CYBER SECURITY TOOLKIT FOR U.K. LAW FIRMS OF ALL SIZES Since the introduction of the internet, and e-trading, every business now faces an increasing threat of cybercrime. It is estimated that cybercrime now generates more revenue for criminals than the international drugs trade. It has been commented by a number of industry experts that Law firms, in particular, are a target as criminal gangs seek to gain access to highly confidential data and client accounts. In response to these increasing threats, Willis, in conjunction with Berrymans Lace Mawer LLP (BLM), Charles Taylor, and esecurity Exchange have developed Cyber-ATLAS. Cyber ATLAS is the first comprehensive cybersecurity solution for U.K. lawyers designed to address cyber security across an entire firm, from the receptionist to the partners. RESILIENCE RESPONSE A t l a s Assessment Discover your cybervulnerabilities with an easy to complete online assessment TOOLKIT Access valuable tools and advice to help you avoid and respond effectively to a cyberattack LEARNING Educate your staff on how to identify manage and address the cyber-risk profile within your organisation ACCREDITATION Receive an Accreditation to demonstrate your business has a recognised standard of cyber-security and reduce the cost of insurance SERVICES Access a full range of additional services to help you avoid cyber-security issues and deal with cyberincidents quickly and effectively Most cyber-security standards and educational materials use technical language which lawyers, managers and staff in firms of all sizes find difficult to understand and interpret. The vast majority of marketing materials, legal and technical advice, and academic work have been designed for I.T. staff and professional risk managers in very large organisations because these were, until relatively recently, perceived to be the key victims of cyber-risk. VISIT PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP 9

10 ABOUT WILLIS Willis Limited is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities, institutions and firms around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Key contacts For more information please contact a member of our team. Robin Bayly T: E: robin.bayly@willis.com Richard Brown T: E: richard.brown@willis.com Michael Eardley T: E: michael.eardley@willis.com Kate Edmondson T: E: kate.edmondson@willis.com Martin Ellis T: E: martin.ellis@willis.com Jake Fox T: E: jake.fox@willis.com Andrew Fryer T: E: andrew.fryer@willis.com Kevin Hood T: E: kevin.hood@willis.com Zarina Lawley T: E: zarina.lawley@willis.com Philip Limb T: E: phil.limb@willis.com Mike Mortlock T: o2o E: mike.mortlock@willis.com Colin Taylor T: E: colin.s.taylor@willis.com Scott Thorne T: E: scott.thorne@willis.com Helen Pells T: E: helen.pells@willis.com Glenda West T: E: glenda.west@willis.com 10 PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP

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14 Willis Limited The Willis Building 51 Lime Street London, EC3M 7DQ United Kingdom Tel: +44 (0) Willis Limited, Registered number: England and Wales. Registered address: 51 Lime Street, London EC3M 7DQ. A Lloyd s Broker. Authorised and regulated by the Financial Conduct Authority /06/14 14 PROFESSIONAL INDEMNITY INSURANCE LEGAL SERVICES PRACTICE GROUP