Historically low claims against solicitors lead to third fee reduction
Queensland Law Society president Christine Smyth announced up to a 20 per cent levy rate reduction in annual insurance levies for Queensland solicitors today, following three years of low claims from the profession.
President Smyth explained that the Society’s wholly-owned professional indemnity insurer Lexon Insurance recommended the reductions, which were approved by the QLS Council on Thursday 27 April 2017.
“I am pleased to pass on these reductions to the profession, and I applaud them for their impressive risk management and great work over the past few years,” she said.
“This past year to date has seen some of the lowest claims in the history of Lexon Insurance.
“Last year we were pleased to approve a 20 per cent levy rate reduction, and the previous year we announced a 10 per cent reduction.”
President Smyth has always championed strategies to assist Queensland solicitors in building better business.
“Throughout my career, I have advocated for best practice and cost-effectiveness for our profession.
“In my previous role as a QLS Councillor I pursued further reductions in insurance levy rates for members, and I am pleased to see this come to fruition.
“I see firsthand the great work that our solicitors carry out each and every day, and keeping claims to a minimum is further evidence of their dedication to upholding the rule of law.”
Lexon Insurance was established to provide class-leading professional indemnity and risk management services to legal practices in Queensland.
For further information, please contact Mel Raassina on 07 3842 5849 or via email, email@example.com.