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Legal firms ranked in Air’s recent Temperature Check

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Legal firms ranked in Air’s recent Temperature Check

Legal firms ranked in Air’s equity release market ‘Temperature Check’

  • Over 250 advisers were asked to rate the performance of legal firms they had worked with in the later life lending market
  • Boyd Legal was the clear leader, ranking top in four of the five categories
  • Gilroy Steel, Equilaw and Poyntons were among the other top ranked firms

 

11th October– Leading later life services platform, Air, has today published its H1 2022 ‘Temperature Check’ – a report that measures the performance of service providers in the equity release market.  For the first time since the ‘Temperature Check’ began in H1 2020, the report includes adviser views on legal firms that operate within the sector.

Legal firms not only provide conveyancing as part of the equity release process but also independent legal advice to ensure customers fully understand their options as part of the advice process.  Over 250 advisers were asked to rate each legal firm they used for equity release cases on four key areas – Communication, Response Time, Online Service, and Overall Service – and three net promoter factors – Would Recommend, Values My Business, and Goes The Extra Mile.

In this fifth iteration of the ‘Temperature Check’, Air has outlined the top three in each category as detailed in the table below. . For Overall Service, Boyd Legal ranked top, scoring 7.77 out of 10. It was followed by Gilroy Steel (7.03) and Equilaw (6.68).

 

Communication

(score out of 10)

Response time to Queries

(score out of 10)

Online Service

(score out of 10)

Overall Service

(score out of 10)

Boyd Legal (8.08)

Boyd Legal (7.77)

Equilaw (6.78)

Boyd Legal (7.77)

Gilroy Steel (7.28)

Gilroy Steel (7.21)

Boyd Legal (6.50)

Gilroy Steel (7.03)

Equilaw (6.76)

Equilaw (6.55)

Adlington Law (6.31)

Equilaw (6.68)


Boyd Legal again came out on top in the Communication and Response Time categories, while Equilaw topped the category for Online Service. Out of all the categories, it was Online Service that produced the lowest scores which suggests that legal firms in this arena need to consider their offering carefully.

In terms of the net promoter factors, it was again Boyd Legal that received the most positive feedback, with a clean sweep of all three categories contributing to an overall average score of 79.49%. The second highest overall score was achieved by Poyntons (61.90%) followed by Gilroy Steel (59.77%)

Would Recommend (%)

Values My Business (%)

Goes the Extra Mile (%)

Overall average (%)

Boyd Legal (84.62)

Boyd Legal (84.62)

Boyd Legal (69.23)

Boyd Legal (79.49)

Gilroy Steel (65.52)

Poyntons (71.43)

Poyntons (64.29)

Poyntons (61.90)

Equilaw (64.22)

Gilroy Steel (65.52)

Gilroy Steel (48.28)

Gilroy Steel (59.77)

 

Stuart Wilson, CEO at Air, commented:

“In our latest instalment of our Temperature Check, we invited advisers to share feedback on legal firms for the very first time. Providing not only conveyancing services but also independent legal advice, these firms are a vital cog in the later life lending machine, and it only felt natural to incorporate this assessment in our report.

“Dealing with a specialist firm you respect and trust as part of an equity release transaction can help it to progress smoothly, which is why we feel it’s important to recognise those legal firms who have excelled in this area.  Congratulations to Boyd Legal for being recognised for your outstanding work.  There were other respected and well recognised names in the top three but there is certainly opportunity for firms to improve their offering – especially when it comes to their online presence.

“We look forward to tracking these results going forward and helping our legal partners to understand both their strengths and weaknesses.”

Methodology:

Over the last three years, the Air Temperature Check has used the responses from almost 1,200 advisers operating in the later life lending market to produce a snapshot of the market.

For the first time as part of this research, the current cohort, who accounted for 14% of all equity release business in H1 2022, were asked to rate each legal firm they had used on four areas and three net promoter factors. Data was then used to develop Air’s Legal score card which it will continue to build on with each report.

Notes to editors

For further information please contact:

About Air

With over 20,000 members, Air is the leading, later life lending platform. Enabled by technology, knowledge and people, Air offers advisers and lenders, best-in-class digital sourcing tools, personal performance development services, incentives and rewards programs, designed to help advisers and business grow within the later life lending sector.

Air comprises of:

  • Air Club (the industry’s largest adviser-centre membership scheme)
  • Air Sourcing (the leading later life sourcing tool),
  • Air Academy (innovative CPD training provider),
  • Air Marketing (helping advisers grow and promote their business)
  • Air Ambassadors (connecting later life professionals)

 

 


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