The March 2019 edition for insurers is about panel law firm file audit
The latest edition of Legal Spend Matters, our monthly e-newsletter, is now available.
In this month’s edition, we focus on panel law firm file audit.
Panel law firm file audit is something all insurers should complete on an annual basis. An audit ensures that your external law firms and third party administrators are providing services in line with agreed service levels and that all invoices adhere to agreed rates and guidelines.
Panel law firm file audit is more in-depth than a typical invoice review for ensuring billing accuracy and reasonableness.
For example, this type of audit would identify time recorded with no work output, such as copious “file reviews” or “supervision” without attendance notes or work product found on the file. You cannot see this from legal invoice review alone.
It also allows you to work in harmony with your legal providers, which is a major factor in delivering a top-class claims experience.
You can expect to achieve savings in the region of 1% to 8% from this type of audit, and improve service levels and accuracy with your law firms going forward.
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