Insurers and reinsurers overwhelmingly have put ‘client service (reliability and communication)’ as the most important quality they demand from law firms, according to early indications from Reactions’ 2011 Legal Survey.
The survey has yet to close – the deadline is Friday, April 1.
Some 92% of respondents – all from insurance or reinsurance firms – have marked this attribute as the most important single one from a list of eight. Other top-ranking qualities include ‘comprehensive understanding of reinsurance and insurance business models’ and 'a long-standing relationship'.
When asked how law firms could improve the way they work and what other qualities they could develop, re/insurers have so far given a large number of responses. One said: “Have a better on-the-ground understanding of the business – e.g., from having worked in the industry”.
Another said: “Share risk with clients with alternative billing structures”. And a third said: “Regularly offer advice on cost effective dispute resolution alternatives like mediation or single umpire arbitration”.
The Reactions Legal Survey 2011, as mentioned, is set to close on Friday, April 1, meaning there is still time for law firms from across the world to get their clients to vote for them.
Law firms themselves are not allowed to vote for or rate themselves – they need to get their clients to do so on their behalf. Without participation, law firms will not be recognised for their work in the re/insurance industry.
The questionnaire for the Reactions legal survey 2011 can be found here. If you are a law firm, please forward it to your clients. If you are a reinsurance or insurance company, Reactions would greatly value your input into this unique assessment of the insurance legal community.
The questionnaire will take around 10 minutes to fill out.
Other early indications from the survey include the fact that 81% of insurers and reinsurers say that levels of re/insurance litigation either increased or stayed the same last year.
Over 120 reinsurance and insurance firms have so far taken part in the survey ranking and rating law firms across a range of metrics and categories - including insurance-linked securities, regulation and litigation - as well giving their general views on the legal side of the insurance business.
The results of the survey will appear in the May print issue of Reactions as well as online.