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L Squared Insurance Agency Blog: professional liability insurance

View the latest blog posts from L Squared Insurance Agency.

No one likes completing malpractice insurance applications.  It is one of the more boring and stressful things to do.  But properly completing the malpractice insurance application is very important.  Even though this process takes away from billable hours, if done incorrectly it c... READ MORE >>

Law schools may be great at giving lawyers a legal education, but many are very poor in preparing an attorney to run a business.  The last 2 blogs discussed succession planning and the need for a backup attorney, all important issues for running an ongoing law firm. READ MORE >>

Yesterday’s blog discussed the need for a backup attorney and also hinted at the need for a succession plan.  This is especially important for small law firms.  No matter where an attorney or attorneys are in their career(s) having a succession plan is important to the overall health of the entire organization. READ MORE >>

Most attorney malpractice insurers require a backup attorney or they will not issue a policy for a solo practitioner.   Frequently the solo attorney will ask why this is a requirement and some even get mad refusing to go with an insurer that requires this. READ MORE >>

Notice the title states avoiding not preventing attorney malpractice claims.  Every attorney I know complains about the rising cost of attorney malpractice insurance.  This is especially true for the attorneys that started practice in the 70’s and 80’s. READ MORE >>

In the New Jersey case of Sheppard v Lentz the plaintiff had alleged that Attorney Perskie negligently referred a traffic personal injury case to Attorney Lentz.  Perskie had determined that he had a conflict of interest prior to taking Sheppard on as a client and referred the case to Lentz. READ MORE >>

The best attorney in the world can still end up with an attorney malpractice claim by taking the wrong client or case.  Every firm needs to have a client intake procedure that they use for every new client and case.  It is best to have a written plan that everyone in the firm follows. READ MORE >>

Insurers look at 2 things when setting rates; frequency & severity of claims.  There is some caution with producing a list as different time periods and different jurisdictions can change these practice areas.  For example, up until 2009, residential real estate and title agency coverage was considered a preferred area of practice. READ MORE >>

Based on a recent Lawyers Professional Liability Insurance Conference in Law Vegas, Argo Pro’s Kim Noble released its Top 6 Liability Risks for Lawyers: 1.       Cyberattacks—As reported in our Blog, in 2017 22 Percent of the law firms reported a Cyber Attack. READ MORE >>

We have actually helped law firms that were carrying 2 or 3 legal malpractice insurance policies because the malpractice insurers they had written with were only licensed in one state.  In many cases the premiums were cut in half once the firm was written on one policy. READ MORE >>

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