LV= discontinues legal services offering with Lyons Davidson due to investment costs
Insurer calls time on legal services partnership with UK law firm after less than two years
September 25, 2017 at 11:29 AM
2 minute read
The original version of this story was published on Law.com
Insurer LV= has called time on its legal services offering, less than two years after it was launched.
The company – formerly known as Liverpool Victoria until a 2007 rebrand – has decided to stop offering legal services products due to the level of investment required.
LV= launched LV= Legal Services in January 2016 via a partnership with UK law firm Lyons Davidson. The business aimed to provide fixed-rate legal advice for wills, power of attorney, probate, conveyancing, personal injury and employment law.
An LV= spokesperson said: "While feedback from our customers on the services we provided was very good, the sustainability of LV= Legal Services required scale and significant investment.
"To ensure we continue providing our customers with great products and quality customer service, it was decided that we'd instead focus on strengthening our capabilities in our core businesses of general insurance and life and pensions, and any necessary investment is being put into these specific areas.
"As such, we've decided to no longer provide legal services. However, while it won't be available to new customers, we will fulfil any services which existing customers have already purchased."
A statement on the LV= website now directs existing LV= Legal Services customers to Lyons Davidson.
Unlike other similar arrangements with law firms and insurers, LV= Legal Services did not operate as an alternative business structure (ABS). Instead, the legal services were wholly provided by Lyons Davidson under the LV= brand.
The LV= deal came after Lyon Davidson entered into a similar arrangement with insurer Admiral in 2013. The joint venture, Admiral Law, was launched after Admiral was granted an ABS licence by the Solicitors Regulation Authority, enabling it to offer legal services.
Other firms to enter into similar partnerships include Irwin Mitchell, which in 2014 launched an ABS joint venture with esure.
In December last year, LV= completed a review of its legal panel which saw it retain all four firms on the roster – Clifford Chance, Norton Rose Fulbright, Eversheds and Bond Dickinson.
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