It is a well-documented fact that the number of claims being filed against lawyers by former clients is sharply rising. Many law firms specialize simply in pursuing cases against other lawyers and firms. You may be the best, and most ethically sound, firm around … it doesn’t matter. Any individual or firm with deep or medium-sized pockets is a likely target these days.
Given the popularity of legal drama television shows and movies, some clients feel they know a lot about the law --- therefore, their expectations are high when it comes to legal services.
It’s very important to the stability of your practice that you are not wasting valuable time, money, and energy negotiating, mitigating, and defending such claims.
Legal Malpractice Insurance can be effective when malpractice claims are asserted.
Legal Malpractice Insurance coverage protects attorneys and law firms, and their staff, against claims of professional negligence. Some of these policies cover the cost of having representation by independent counsel when an ethical complaint turns into a lawsuit.
The jurisdiction in which an attorney or law firm practices can influence the need for Legal Malpractice Insurance. This sort of coverage is mandatory in some jurisdictions, but not required in other jurisdictions. And, there are those jurisdictions which mandate that attorneys without Legal Malpractice Insurance give prospective clients, at the start of their engagement of legal services, written disclosures about the fact that the attorneys do not have Legal Malpractice Insurance.
Even if you are not mandated to do so, it is wise to get Legal Malpractice Insurance to protect your practice --- and any assets you may have which are directly tied to your practice.
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