L Squared Insurance Agency Blog: malpractice insurance
View the latest blog posts from L Squared Insurance Agency.
Friday, October 14, 2022 Being a defendant in a legal malpractice claim is no fun. In addition to the potential cost of an adverse judgement, there is the stress and expense of being away from practicing law to defend yourself. Having attorney malpractice insurance is an essential part of any law firm’s safety net. READ MORE >>
Friday, October 14, 2022 Why Do I Need A Fee Agreement? Sitting in 1L Contracts, you were probably more worried about how to define “consideration” rather than how to draft a valid contract. As you have settled into your law practice, you likely prepare and review contracts every day. READ MORE >>
Thursday, October 13, 2022 When confronted with a situation that might result in a malpractice claim, most lawyers, understandably, do not know what to do. They may be tempted to ignore the situation or try and fix the problem on their own. In many cases, a potential malpractice claim can be repaired. READ MORE >>
Tuesday, October 11, 2022 Suing clients for unpaid legal fees can cause your attorney malpractice insurance premiums to increase. With admitted insurers as few as 5 client fee suits for unpaid legal fees in a 2-year period causes the insurer to either decline, non-renew your insurance or place restrictive policy exclusions on your policy. READ MORE >>
Monday, October 10, 2022 Client fee disputes is a leading cause of attorney malpractice claims. Avoid fee disputes by explaining the fee arrangement in great detail during the first meeting. Confirm this understanding in writing and have the client agree by signing the agreement. READ MORE >>
Thursday, October 6, 2022 Fraudulent wire transfers are a significant exposure to Law Firms and Title Agencies. Even with proper controls in place a firm could face a 6 or 7 figure loss. Just by hitting a button you can send millions of dollars out of your Trust Account. This has sped up commerce, but it does have a dark side. READ MORE >>
Thursday, August 25, 2022 Hiring a suspended attorney impacts the firm’s attorney malpractice insurance. While it is the firm’s prerogative to hire who they want, it can cause a firm to lose coverage. Some Examples: 1. Law Firm hired an attorney that was currently suspended from the practice of law. READ MORE >>
Monday, August 22, 2022 Insurance carrier loss runs show all claims that have been reported to an insurer during the time that the insurer provided insurance coverage. The loss runs not only include actual malpractice claims paid but reported incidents that may never turn into a claim and/or disciplinary proceedings. READ MORE >>
Thursday, August 18, 2022 Claims-made prior acts coverage is a misunderstood malpractice insurance concept. This misunderstanding costs professionals millions of dollars in lost coverage every year. The two basic property and casualty insurance forms are the ‘occurrence’ policy form and the ’claims-made’ policy form. READ MORE >>
Monday, August 8, 2022 An unexpected crisis could render you unable to continue working. Even the youngest and healthiest attorneys can’t escape a sudden emergency. However, despite unforeseen events, Father Time marches on and so do court dates and cases. READ MORE >>
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