Compliance Issues Grow Exponentially

“Compliance has become one of our fastest-growing, non-direct income producing expenses. It calls into serious question the net back profit, if any, existing from a client after the compliance costs are factored in. On top of that, compliance costs and requirements just keep growing at exponential rates,” says a NL Attorney Member.

The costs that our member law firms incur due to clients’ requirements impact them across the board. Beverly Unrath adds, “As a result of the increased requirements our clients put on our law firms, clients also spend more time and money ensuring that law firms meet these requirements.”

$$$$$$$

NL clients and law firm members spends millions of dollars annually to ensure compliance with federal laws, state laws and client contracts, and the rules and regulations are always changing. One NL member estimates that his firm spent $133,500 in required compliance-related costs last year. The expenditures included insurance, software and hardware, facility security renovations, call monitoring and scanning systems and compliance-related labor. “These costs are representative of what many of our members are incurring” Unrath says.

Help!

One of the most important aspects of managing a legal network is ensuring compliance. The National List of Attorneys offers a Compliance Program that assists clients with ensuring the law firms in their legal network are in compliance with their work standards, terms and conditions and insurance requirements. We also provide information regarding the law firm’s financial stability, notice of law suits filed against law firm members, yearly reference checks,  insurance documentation, and detailed firm profiles.

Free!

The program started two years ago with the goal of providing forwarders with critical information regarding the law firms they employ. This information ensures that their files are secure and serviced with the potential of maximum recovery.  These NL services are provided to any forwarder that submits and insures claims through the NL.  There is no fee.  Restrictions do apply.  Information is only provided for those firms that are listed and insured with NL.

Katie Stromstad, Compliance Administrator at The National List of Attorneys, is responsible for gathering complete information from NL law firms annually on behalf of our clients. Katie has a strong background in customer service. She uses these skills as she builds relationships with clients and attorney members of NL.

Save Time AND Money!

The NL compliance program saves clients’ time and money by providing them with detailed information regarding the law firms they work with, so they can ensure the firm meets their requirements. Taking advantage of this program saves a law firm time and money by gathering the information from them once each year and then providing the information to clients who insure claims via the NL. The law firm does not have to provide the information to 10 or 12 different clients annually.

Learn more about NL’s compliance program by contacting Beverly Unrath directly at 701.425.0982 or at bunrath@nationallist.com.

by Nancy Lender with Beverly Unrath



Categories: Compliance, NL Insider

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