QLS announces up to 20 percent reduction in annual insurance levies
31 March 2016
Outstanding risk management by lawyers has resulted in the Queensland Law Society approving an up to 20 percent levy reduction in annual insurance premiums.
Society president Bill Potts said the double digit levy reduction had been recommended by its wholly owned professional indemnity insurer – Lexon Insurance – and approved by the QLS Council on March 23.
“The levy reduction is the result of really hard work by Lexon and is good news for the profession,’’ Mr Potts said.
“Lexon continues to be a prudent and sustainably cheap insurance scheme and should be congratulated for passing on the benefits of their hard work to their clients.
“This is fabulous news for the legal profession in Queensland.’’
QLS chief executive officer Amelia Hodge said the significant reduction recognised the time and effort spent by Lexon and the Society over recent years to support its members by providing resources and guidance in ethics and practice support.
“The Society will continue to build upon these foundations to ensure our members have the best available tools to meet the needs of modern practice,’’ Ms Hodge said.
Lexon Insurance chief executive officer Michael Young told QLS Council the recommended levy reduction was the result of outstanding risk management by members of the Queensland profession.
“The key driver has been the excellent claims performance of the profession in recent times,’’ Mr Young said.
“The performance of the profession in Queensland has been fantastic."
Mr Young said it was important to note that not all clients would be the recipient of a 20 percent levy cut and that reductions would be based on claims history, a practitioner or firm's annual turnover,
He said the 2016/17 reduction relates to bands two to nine band one – or low fee earning practitioners received a $500 fee reduction in 2015/2016.
The reduction of the levy fulfils a key plank in Mr Potts’ presidential campaign promise to make the cost of practising law in Queensland much more affordable.
Mr Young also commented that the legal profession had maintained constant growth.
“The profession has grown year on year by three percent and that is pleasing,’’ he said.
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