Articles with insights and tips to help attorneys and law firms improve their practice, adapt to market changes, explore tech, stay informed, and protect it all with tailored insurance solutions.
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A single intern collapsed US cybersecurity. That’s one lesson from the SolarWinds hack. The greater lesson is that the vulnerability was known a year earlier, and nobody took any action.
Purchasing software is challenging for any business and it’s even harder for law firms. However, the latest software is critical for keeping your firm competitive.
You can run a successful firm without practice management software. But you’d be denying yourself access to the biggest force multiplier available to today’s law firms.
As states change regulations the legal services industry is being primed to become a buyers’ market. Law firms need to be prepared to adapt their business models to changing times.
Arizona became the first state to pass sweeping legal reforms that change who can own law firms and who can provide legal services. This article explores what the new law allows, why it was enacted, and how similar regulatory changes could impact law practices across the country.
Insight from a seasoned agent on how insurance carriers categorize different AOPs, and how these factors can contribute to the calculation of your overall premium.
Your Professional Liability Insurance carrier is on your side. You have the same goals: to minimize liability and mitigate the claim damage.
There are many factors that contribute to making a firm more or less attractive to insurance carriers. The good news is you can control a lot of them.
You’ve been sued … by a client you never had … for damages in a case you never worked. So, why are they suing you?
Reducing Exposure from a Shared Office Space and Responding to a Suit
Professional liability insurance continues to evolve as market conditions change. This article outlines five key shifts affecting lawyers’ liability insurance, including pricing pressure, claims activity, and changes in coverage structure—helping attorneys prepare for renewal decisions.
The remote workforce created security challenges. As quickly as you said “coronavirus”, everyone was working from home. This created at least two problems.
Stay informed with practical guidance on legal malpractice prevention, law firm management, and business insurance strategies.
From risk management and firm operations to emerging industry trends, these articles are designed to help you protect your practice, strengthen client relationships, and operate with confidence to level up your legal career.
Yes! Professional liability insurance (PLI) can provide your law firm with a defense in the event a claim is filed against you, whether an error was made or not. Should a claim occur, PLI coverage may provide you with access to a defense attorney seasoned in lawyer’s malpractice claims caused by:
Access to this type of support when dealing with a malpractice claim can help eliminate the loss of time and money (and not to mention stress) that defending a claim requires. Having someone on your side to offer advice and answer questions is invaluable.
Many states require lawyers to disclose whether they carry malpractice insurance. Some states may require clients to sign a written disclosure acknowledging that the attorney is practicing without professional liability insurance coverage. Requiring potential clients to sign these disclosures may cause them to question working with you. Or you may practice in a state that requires PLI. Oregon and Idaho, for example, currently require attorneys to carry professional liability coverage. Just more reasons why yes, you do need professional liability insurance.
Lawsuits can happen, frivolous or not. Without adequate coverage protecting your firm, a lawsuit could be so costly that it leaves your business in ruins.
Because professional liability insurance is written on a “claims-made and reported” basis, you will want to obtain coverage for your firm as early as possible in your legal career.
“Claims-made and reported” means the claim must occur and be reported during the policy period. Your retroactive date, or prior acts date, is the date upon which you first obtained coverage. When a lawyer has prior acts coverage, malpractice issues that occur after the retroactive date are usually covered* as long as the matter was reported in compliance with the policy. On the other hand, any alleged malpractice that happened prior to the retroactive date would be excluded from coverage, even if reported during a current policy term.
So, you will want to have coverage in place as soon as possible because you will need to have a policy in place when the error occurs and the claim is reported (or coverage may not apply).
Many factors can determine your annual premium, and rates may differ between carriers.
Some key premium factors are:
Price vs. Value: Making Informed Choices When Shopping for Lawyers Professional Liability Insurance
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