Training Contract - LMA - Insurance

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

The LMA has training contract openings on its 2024 Legal Trainee Wordings Scheme for aspiring solicitors who are intrigued by a career in the Lloyd's insurance market and have recently achieved or are working towards LPC or SQE, with a completion date by August 2024.

Throughout the two year scheme, 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 example of 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 for market professionals and is intent upon offering targeted training.

Upon successful completion of the scheme 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 products sold in the Lloyd's market. A heightened market demand exists for the skills that you will acquire, and the scheme 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, and all 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 scheme is designed to provide you with a solid understanding of insurance contracts and wordings 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 scheme will result in qualification as a solicitor and will allow you to take on roles within the insurance industry.

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 non-marine 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
• Have completed LPC or full SQE (parts 1 and 2) by August 2024.

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 well-reasoned 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 face-to-face 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.