That professional indemnity insurance might be higher for unbundled matters has long been discussed, and not without merit in my view given the risks associated with quality of work and associated scoping of that work – in other words, correctly identifying who is doing what, when.
While the sample used in the Solicitors Regulation Authority’s (SRA) report quoted heavily in Rose’s article could hardly be called #BigLaw (as I think the term is called these days), one of the comments in the report was very telling:
“Interestingly, insurance companies find there is less risk where a firm uses technology because there is an audit trail.”
While I could be wrong, I suspect that could be the case in many circumstances relating to PI coverage in unbundled matters going forward.
In the post Lisa sets outs how she defines ‘Camaraderie’ as being:
“…a feeling of friendship and trust that can take hold and grow when people spend time working together.
It can help the team perform more efficiently.
It can improve team work by maximizing collaboration.
It can boost employee retention rates.”
I thought Lisa’s observation here was great.
An in-house lawyer, I also thought Lisa’s comment that building camaraderie requires intentionality spot on:
It is not about where we do the work. It is about how we do the work. It does not matter whether we are working in-person or in a remote environment. Building camaraderie is important, but it requires intentionality.
Before embarking on what will likely be a very expensive strategy session at your law firm, follow the advice of Martin Reeves and Annelies O’Dea in their recent Harvard Business Review article – ‘Two Questions to Ask Before Setting Your Strategy‘ and ask two questions:
Really love this concept by professors Don A. Moore and Max H. Bazerman as outlined in their new book, Decision Leadership.
“Often the group can make a better decision without meeting to discuss: simply average everyone’s ratings of the options and choose the option with the highest ratings.”
Now that’s a meeting I’d attend!!
[Put my hands up here and say that I have not read their book yet, but the quote is taking from a June 21, 2022 article in Strategy+Business by Theodore Kinni – ‘To improve management, build a decision factory‘, which is well worth a read in its own right.]