Lma - Executive, Legal Trainee Training Contract - London, United Kingdom - Avencia Consulting

Avencia Consulting

Verified Company

London, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Introduction to the role and Lloyd's Market Association (LMA)

The LMA has training contract openings on its 2023 Legal Trainee programme for aspiring solicitors who are intrigued by a career in the Lloyd's insurance market and are currently working towards, or have recently completed their LPC or SQE.

Throughout the two year programme, you will participate in meaningful work that benefits the market as a whole and develop specialist knowledge of insurance law and the sector, whilst being involved in cross-market initiatives and joint ventures.

An exampleof the type of pivotal work that you may be in engaged in is the drafting of responses to FCA and PRA consultations, and assisting in the drafting of market clauses.

You will also complete multiple outplacements within Lloyd's insurers and a law firm.

You will be the beneficiary of face to face training by insurance market experts - not only will your colleagues be experts in their field but you will also attend relevant sessions from the LMA Academy.

The LMA Academy is at the forefront of education formarket professionals and is intent upon offering targeted training.

Upon successful completion of the programme and therefore the training contract, you will have qualified as a solicitor and have a strong insurance focused foundation, having gained a solid understanding of insurance contracts and wordings for the productssold in the Lloyd's market.

A heightened market demand exists for the skills that you will acquire, and the programme is designed to ensure that you develop those skills in a market setting whilst working toward qualification as a solicitor.

The LMA exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day.

All 51 Lloyd's managing agencies, with a total market stamp capacity of approximately £48b in 2023, andall Lloyd's members' agents are members of the LMA.

You will therefore have the opportunity to grow your network through social events and work assignments.

Job Purpose

Gaining hands on experience and knowledge through a structured training contract, you will help support the day to day running of the Legal and Regulatory team.

The programme is designed to provide you with a solid understanding of insurance contracts andwordings for the products sold in the Lloyd's market and will include a number of outplacements with Lloyd's insurers, and a law firm.

Completion of this programme will result in qualification as a solicitor and will allow you to take on roles within the insuranceindustry.

Key Accountabilities
As you develop an understanding of how to produce good, standard insurance products, you will;

Run or assist with the running of LMA committees, which will enable you to get exposure to underwriting, regulatory, legal and claims issues impacting the insurance market.
Deal with everyday legal issues arising out of the LMA, including contract review and any matters requiring legal input from the underwriting and claims teams at the LMA.
Liaise closely with the wordings specialists at the LMA, providing legal input on numerous clauses for the marine and nonmarine committees and closely supporting the work of the LMA wordings committee.
Undertake horizon scanning on legal issues arising worldwide where Lloyd's does business and assist in preparing responses to regulatory and legal consultations.
Provide legal and regulatory updates to the LMA membership.
Liaise with other market organisations such as the Association of British Insurers and IUA.
Respond to queries from LMA members from time to time.
Complete placements within a managing agency, law firm or within the Lloyd's corporation (dependent on suitable positions being available) to learn about different aspects of the insurance industry.
In addition to the above key accountabilities, you may be required to undertake other duties from time to time as the LMA may reasonably require.

Person Specification

Education and Qualifications

Excellent academic record;
A 2.1 degree; and
Working towards or completed LPC or SQE.

General skills / Qualities

Enthusiastic at all times, even under pressure.
Ability to quickly assimilate a wealth of information and identify the main issues is critical.
Able to make wellreasoned decisions.
Meticulous attention to detail.
Strong, productive relationships with colleagues as well as clients are vital to every area of our work and therefore interpersonal skills are paramount too.
Able to express yourself clearly and succinctly both facetoface and in writing and you'll know how to tailor your message to your audience, build rapport and be persuasive.
Ambitious, driven, and inquisitive, and have the resilience to respond well to feedback and adapt to working in a changing environment.
Proactive to question and challenge, or to put forward practical solutions and ideas that are well thought through.

Experience
None required. Any work experience or internships gained within a legal or insurance environment would be useful, however not essential.

LMA Values

The LMA firmly believes that robust values at the heart of the organisation bolster its performance and enable the successful execution of strategy.

We have five primary values that we strive to embody across the business in everyday practice.

These are:

Trusted
Passionate
United
Bold
Inclusive

By encouraging these values internally, the LMA hopes that they will permeate beyond the business and into the marketplace, helping create a more dynamic, modern, and productive working environment.