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L Squared Insurance Agency Blog: attorney malpractice insurance

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Some law and accounting firms still spend thousands of dollars on closed file storage.  These firms have tens of thousands of bankers-boxes of closed client files in warehouses, basements, storage buildings, office space and garages.  A question still asked is how long do we have to keep the closed files? READ MORE >>

On September 7, 2018, Eric Conn (also known as Mr. Social Security) received an additional 15 years for his fleeing to Honduras after pleading guilty to defrauding the government out of over $500 Million of social security benefits.  He now is sentenced to 27 years in prison and should serve a minimum of 22 years. READ MORE >>

Attorney Malpractice insurers find that the use of non-engagement /disengagement letters reduce legal malpractice insurance claims.  Insurers have defended and paid on claims where the client alleges that the law firm was still representing them when the law firm thought they were no longer ... READ MORE >>

Engagement letters confirm the representation’s scope setting forth the parties’ responsibilities, billing rates/contingency agreements and expense costs.  Engagement letters discuss the scope and limits of the firm’s representation. The engagement letter memorializes the bounds of the firm’s actual representation. READ MORE >>

Travelers Insurance has developed a ‘Pressure Test’ for your Cyber Risk.  Once completed the site provides many helpful hints for managing the Cyber Risk.  To take the test click on:   Cyber Security Pressure Test   If you want help with your Cyber Insurance needs, please contact L Squared Insurance Agency. READ MORE >>

2018 Webinar Series for Legal Professionals Cybersecurity and the Future of Legal Malpractice Claims A Risk Management Resource for Legal Professionals READ MORE >>

A recent blog, Computer Fraud Insurance in the Cyberage, about courts supporting insurers in denying coverage for cybercrimes that did not originate with through ‘direct’ use of a computer should cause insureds to look closely at their cyber insurance coverage. READ MORE >>

Many Law Firms carry large balances in Escrow Trust and IOLTA accounts.  What would happen if those funds disappear?  Law firms may rely on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks.  Unfortunately this “trusted” employee is a leading cause of loss. READ MORE >>

You're approached at an informal gathering about a legal matter that a friend has.  Giving informal legal advice to friends or family is like looking down the barrel of a gun to see if it is loaded. It can be tempting at a party or family event, but it could be harmful to both yourself and the receiver of the advice. READ MORE >>

Per a recent ABA article, Texas US District Judge Biery has a number of unique approaches to getting attorneys attention.  They include: 1. Warning of no 'Rambo' tactics or other forms of elementary school behavior in an August 14 order; 2. READ MORE >>

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