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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Legal Insights for Modern Law Firms
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.
Curious about the cost of professional liability insurance? With so many factors driving cost, it’s not as simple as looking at a chart and giving you a number.
Maintaining prior acts coverage is important. It is also crucial to be proactive when changing firms or insurance companies to avoid coverage gaps.
Your firm is likely one of your biggest assets and largest revenue production sources, so it’s worth the extra time to keep it tidy. Start by taking simple steps.
We cannot stress enough the importance of maintaining continuous coverage, mainly due to the claims-made and reported nature.
Email is a communication staple and many organizations have been sued because of email messages. Be aware of the liabilities and implement techniques to protect your firm.
Today's firms aim to attract, retain, and promote diverse professional staff, fostering an inclusive environment that values all contributions to the workplace.
With the large selection of legal-specific accounting tools available, even small firms can find solutions to overcome billing challenges.
There are new risks to attorney-client privilege. Your law firm should be taking action to adopt best practices as the way we communicate rapidly changes.
Whether you choose to offer free consultations or not, keep in mind Rule 1.18(b) of the ABA Model Rules of Professional Conduct.
Your firm needs to create a symbiotic relationship with clients to determine the most appropriate fee arrangement.
Every four years The ABA’s Standing Committee on Lawyers' Professional Liability does a study to determine which areas of law caused the most claims in the United States.
Insurance markets are cyclical in nature. The cycle runs through what is known as a soft market and a hard market. Stay informed and prepared for a hard market.
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
Looking for deeper insights? Explore our info papers, free CLE webinars, podcast, and Lawyer’s MBA.
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