Many firms spend a lot of money on legal marketing, but you don’t need to. A marketing plan focused on activities you do well, targeted at the right audience and carried out consistently are the strategies to a successful firm. Being charismatic and outgoing can help the process of growing your practice, however you don’t need to be the charming witty lawyer, all you need are a few basic guidelines.
Professional Liability insurance is high on the to-do list of new attorneys starting a firm. Lawyers, especially new ones, have a fear that one day they will be the subject of a malpractice claim. Obtaining insurance coverage allows many lawyers to rest easier knowing that a missed deadline might not result in an expensive, out-of-pocket payout during an otherwise unblemished career.
The process of loss prevention is the ability to identify or minimize the liability and professional risks threatening a law firm. Loss prevention is critical to law firms and although allegations are made against a law firm and found groundless, a firm’s reputation may be compromised. In the past few years there have been numerous publicly-reported settlements by, and verdicts against, law firms in the $3-19 million range. Developing a procedure or implementing the following tools may prove to be beneficial for your firm.
Because insured lawyers are generally required to report malpractice claims to their carrier as soon as they become aware of them in order to bind coverage, it is important to know what constitutes a claim according to the definition that can be found in the policy. Not understanding how the insurer defines a claim can create a significant problem if a matter that should have been reported to the carrier was not reported in a timely way.
To be successful, partners in a law firm must devote quality time to planning for business development. Preparing a business development plan should involve as many lawyers as possible since the plan is complex and everyone should have role in its implementation.