Law firms at the top and bottom of the Lawyer U.K. Top 100 get the best value from their investment in risk and compliance. Costs in these groups are lower compared to the number of services provided. While insurance premiums are slightly larger for Top 20 firms than for any other category, this simply reflects the higher levels of cover purchased by the larger firms.
For firms in the middle of the Top 100, the news is less promising.
Although Risk Management and Compliance (RM&C) teams in the Top 21-40 firms generally provide the best service and partner support, they do not enjoy the same economies of scale as the largest firms, and cost by far the most to run.
Top 41-60 firms fare worst: although their per-partner RM&C spend is nearly as great as that of the Top 21-40 firms, the range of services their RM&C teams provide only slightly exceeds those at the bottom.
These are the primary findings of research conducted by Lockton’s Professions team among Top 100 firms in September 2011 to create the profession’s first Risk and Compliance Index (R+CI).