Elite PI lawyers consider own insurance project

Members of the country's most exclusive lawyers' club will this month discuss whether to form an insurance company between themselves which will enable them to service claimants without using external insurers.The Richard Grand Society, which is for top claimant personal injury lawyers, is modelled on the US's Inner Circle of Advocates, and is capped at 25 members.The fourth annual meeting of the society this month will examine joint marketing initiatives.

However, the society's chairman, John Cahill, a partner with London firm Stewarts, revealed that the society might also look at ways of increasing the bargaining power of its members.Member Tom Osborne - a partner with Bedfordshire firm Osborne Morris & Morgan - said details are sketchy, but that such a scheme would hark back to the beginnings of the insurance industry, when merchants from Lloyd's would help each other to bear the risk of expeditions.He said the scheme would require a lot of planning, and members might have to contribute to a premium pool.Mr Cahill added: 'Traditionally, lawyers are risk averse - now they have to share risk.'There are currently 20 members of the society, including former Law Society presidents Rodger Pannone and Philip Sycamore.

LINKS: www.rgs-pi-uk.comJeremy Fleming