The use of Practice Management Standards and the award of the Lexcel certification are intended to provide:
An improvement in the practice's efficiency, resulting in more fee earning time.
There is a consistent high standard of matter management required by the Lexcel standards. This enables the fee earner allocated the instructions, supervisors and other fee earners who may have to act in the matter quickly and efficiently to handle and progress the matter.
The forward planning requirements are designed to ensure that the practice has the mechanisms in place for its continued improvement.
A higher standard of client care, resulting in more satisfied clients.
A standard of communication with clients is required by the Lexcel standards which ensures that the client is fully informed at every stage.
A marketing advantage from the use of the Lexcel mark.
A quality mark will always give an advantage over a similar practice that has no externally assessed standards. Initially the mark will be recognised by professionals who procure legal services. As the mark is established it will become recognised by a wider public.
A system of risk management recognised by indemnity insurers.
The requirements of the Lexcel standard are designed to assess and then monitor risk, to ensure that the practice does not inadvertently take risks that may expose the partners to unacceptable liabilities.The standards contain many monitoring systems that are designed to ensure that negligent omissions cannot occur.
The practice's indemnity insurers will take these systems into account when calculating their premium.