Administration in a highly regulated environment such as the legal industry is no small task. It’s expensive, time consuming, complicated and can be a huge drain on your resources—resources that would be better employed driving your business forward, creating new client relationships and building on old ones. Even if you have the capacity to employ an administration team dedicated to regulatory compliance, HR, finance and operations, financing such a set-up can take a sizeable amount from your profit margins. Outsourcing this distracting area of your practice to a professional, highly competent provider such as Excello Libertas could be the solution.
Professional indemnity insurance
Although you have probably had professional indemnity insurance for many years, are you completely sure that you have the best solution to meet your needs? It’s tempting to think that simply using a broker will ensure that you have the best standard of cover for your organisation, but that’s not always the case. Making sure that your cover is comprehensive and tailored to your current (and future) needs can mean juggling endless meetings with providers and brokers, and reading through extensive and dull cover summaries—all of which will take your precious time away from your business. Using an external provider can take the red tape out of ensuring that your business is prepared for any eventuality.
Compliance is a growth area in the jobs market. Even a junior compliance manager can now command a salary in the region of £30,000, which is no surprise given the complexity and responsibility of the position—and the potential penalties for getting it wrong. The CPD required to ensure that an employee is at the cutting edge of the industry and so protecting your business can also be a huge drain on your resources and finances. Excello Libertas can provide all the experience, integrity and foresight that you would expect from an in-house compliance manager at a fraction of the cost.
Brand/marketing and PR
There’s little doubt that if you want to achieve growth for your business, you need a solid marketing and PR platform. Although word of mouth can achieve great things, you will always be outpaced by competitors that take their image seriously. Investing in positive enhancement of the public perception of your services and the people offering them can only help your business grow. Engagement on social media is almost considered a ‘must have’ for any business, but the time required to build a successful social media brand can be extremely prohibitive for a busy law practice.
Recruitment and HR can be one of the most costly (and time consuming) areas for any business. The cost of recruitment and onboarding just a single employee has been reported by some companies as being as high as £10,000, so it’s imperative that you get it right first time, every time. Although you’re probably fully aware of what you need from new starts, can you be sure that you know how to get it? One of the many benefits of outsourcing your recruitment and HR function is that specialists bring experience and expertise of the process that few people outside of the industry are likely to have. With a recruitment error costing into five figures, it’s not a chance that you want, or can afford, to make.
In summary, using an outsourced provider for your administration could save you time, money and effort. With someone else taking care of the mundane tasks that are required to keep every business buoyant, you can focus on what really matters. Instead of wrestling with CVs, insurance documents, job advertisements and compliance questionnaires, you can get on with the business of providing a top class service to your clients, with your administration ticking along quietly in the background. Whether you are looking for HR support, a business marketing strategy, secretarial support or financial planning, their other solution which will help you. Take your business to the next level by doing what you do best—which is providing adept legal solutions for your clients.