Protect the retainer, not the client?
Recognising that insurance premiums are driven mostly by previous claims experience and the cost of future representation, our most successful business partners approach the purchase of employment insurance as if they were buying cover to protect their service rather than the client.
If a client is ‘needy’ but risk averse they are unlikely to end up at Tribunal – so their pastoral care may be charged to the retainer at a higher price than average but insurance would be bought with a low charge rate– after all why would they need insurance geared to an hourly rate of £250 when they are unlikely to ever need it? The key issue is to deliver an affordable combination of advice and indemnity – often in the face of naive comparison with low cost base alternative providers.
