32. How to Bring Down Your Insurance Rates

Insurers are hiking rates because malpractice payouts have grown exponentially, and because they fear that hastily recruited lawyers and hybrid working will make things worse. The way to secure attractive insurance rates is to have a good claims profile, and the keys to that are all in the fundamentals.

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Our last mini-series of lessons focused on law firm attitudes in the downturn. We looked at how “commodity” firms and “professional service” firms had diametrically different attitudes toward both clients and attorneys, and we saw how client-oriented firms will navigate the downturn far better than commodity firms.

This mini-series looks at another feature of the downturn — rates. We’ll look at all kinds of rates: insurance rates, pay rates and hourly rates. But first, some context. There’s a lot happening, and market-aware law firms are alert to all the trends. As soon as the demand spike pivoted into a downturn, the industry braced for recession, the pay wars stalled, and now the insurance industry has the jitters.

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