Insurance Carrier Reports That Hickey Smith Dodd’s Outsourced Staff Counsel Model Reduces Legal Costs By 48.7%
Risk and Insurance Magazine highlights case study: Tackling Rising Litigation Costs
In 2017, the North American division of one of the 20 largest general insurance and reinsurance carriers worldwide selected Hickey Smith Dodd to participate in its “Outsourced Staff Counsel Pilot Program.”
Based on prior experience, members of the carrier’s management team believed that a well-executed internal staff counsel program typically results in significantly lower legal spend and shorter cycle times as compared to the engagement of retained counsel, while at the same time providing comparable or better outcomes for the claims litigated. The objective of the pilot was to test whether an outside (non-captive) law firm could effectively implement cost- and time-saving elements of an internal staff counsel model.