In times of crisis, the legal community consistently unites to support those in need. Lawyers Mutual remained steadfast in its commitment of assisting insureds and their communities in Western North Carolina with disaster recovery following Hurricane Helene. In the wake of the unprecedented destruction in western North Carolina caused by Hurricane Helene, Lawyers Mutual acted swiftly to support both our insureds and the citizens affected by the storm. Our immediate response across multiple departments included a series of dedicated efforts ranging from countless check-in phone calls and tailored risk management alerts to providing critical resources aimed at supporting law firms and their clients during this challenging time. Additionally, we made financial contributions to legal and community organizations that were delivering essential aid to those in need. We stood beside our communities in times of crisis – a demonstration of how no other malpractice insurance provider offers the same level of dedication and service to North Carolina law firms as Lawyers Mutual. 

Lawyers Mutual is proud to support the brave men and women who have served our country in the military as well as the first responders in our communities. In collaboration with the North Carolina Bar Association/North Carolina Bar Foundation, we supported the Wills for Heroes program which provides free legal services, including estate planning and wills, to first responders, veterans, and active-duty military personnel.  During the holidays, a group of our employees volunteered at the Raleigh Wreaths Across America: Honoring the Fallen by placing wreaths at the gravesites of veterans. These volunteer efforts reflect our gratitude and respect for the men and women who have served our country.

LM Title completed a strong second half of 2024 to produce a pre-dividend/pre-tax profit 221% higher than FY2023. We set records for Sales, Total Revenue, and Gross Profit. Total Revenue numbers were boosted by significant increases in Earned Interest and 1031 Fees/Interest. To summarize, we ended very strongly, after a slow start. 

• In 2024, our total file count increased 12% compared to 2023. The 4^th Quarter was particularly strong, increasing 35% compared to the prior year.
• While the macro-economic environment is a challenge, we have been able to locate two very talented salespeople as we are close to completing our marketing staff. The only area of the state which we do not regularly visit is the Northeastern corner, though the low population and attorney density makes it difficult to expand into the region. 
• Our online CLE attendance continues to grow, as our February 2025 program had 350 registrants. We are evaluating whether to continue in-person events in markets other than Raleigh given the resources required to provide quality events and the expectation of even lower attendance.
• Our growth last year in such economic conditions is remarkable and shows the dedication of our team in a difficult market. We are investing in future growth and have now fully staffed our marketing team. This additional focus on market share will hurt short-term profitability but will best position us for future growth.
• Going forward, we anticipate a challenging start to 2025 as interest rates remain high, loan originations are at 5+ year lows and existing home sales are down significantly even when compared to pre-pandemic levels.     

In 2024, operations of LM Consulting & Services folded into the parent company to consolidate risk management and law practice management services. The mission of the Lawyers Mutual Risk & Practice Management department is to assist insureds throughout the life of the modern law practice:  law firm startup, strategic growth and planning, technology innovations, compensation planning, path to partnership, and succession planning.

HIGHLIGHTS OF 2024

Law Firm Consultations. 2024 saw the launch of free consulting as an added benefit to our insureds. Erik Mazzone and Camille Stell offered three free hours of consults to insureds in the areas of law firm startup, practice management, marketing, technology, compensation, path to partnership, succession planning and law firm winddown.

In 2024, we spoke with 340+ insureds via individual law firm virtual consults. Approximately one-third of the consults centered on technology issues, one-third on practice management issues (other than technology) such as marketing or process improvements, and one-third on issues relating to retirement and succession planning.

Risk Management Hotline. This resource has been available since the introduction of Lawyers Mutual’s risk management services more than thirty years ago. Insureds can call and speak with risk management professionals or claims attorneys about risk issues such as disaster planning or handling red flag clients. Following the natural disaster of Hurricane Helene, we offered a virtual disaster planning CLE due to the increased risk management inquiries from our insureds across the state.

HELP. Handling Emergency Legal Problems or HELP sprung into action over a decade ago. In the event of the unexpected death or disability of a law firm owner, Lawyers Mutual can assist law firms in triage of sudden emergency situations. The best preparation is to have a disaster plan in place, but if there is no plan, Lawyers Mutual can guide a firm through those initial days and help bring order to chaos.

On-demand CLE Platform. In 2023, Lawyers Mutual launched our on-demand CLE platform. That year our insureds viewed 427 hours of on-demand CLE programming. In 2024, growth spiked 29% with insureds viewing 549 hours. In 2025, we will be increasing our on-demand library significantly with new CLE videos and learning opportunities.

Speaking Engagements, CLEs, Publications. We continue to deliver impactful content on topics that are important to legal professionals. With more than 50 speaking engagements, 50+ articles, risk management alerts, white papers, and risk management practice guides, education continues to be a cornerstone of our mission.

2024 Law Firm Management Conference. In December, we hosted a virtual practice management conference with 118 attorneys and 29 paralegals and staff in attendance. The conference was well received and will be offered again in 2025.

We enjoy collaborating with our insureds and encouraging them in their journey. In a world where change takes place lightning fast, Innovation in your law office is more important than ever.

At Lawyers Insurance, our customers place a lot of trust in us to provide solutions to their benefit and insurance needs. That places a big responsibility on us to repay that trust, and we take that responsibility very seriously. Firms and individuals participating in the NCBA Health Benefit Trust depend on us to help pay for their healthcare needs, some during the most difficult times of their lives. Our team has a deep well of experience in all a lawyer or law firm needs to protect their practice, their office and their cyber presence. We seek to serve our customers and earn their trust each day.