“I
knew I shouldn’t have taken that case.” Unfortunately, this is the
statement we hear all too often when an insured attorney reports a
malpractice claim to ALPS. In light of that fact, this article will
encourage you to listen to your own judgment when determining
whether or not to take a case and emphasize the importance of
appropriate client selection and file opening procedures.
Hindsight offers the benefit of much clearer vision when reviewing a file. This is particularly true in legal malpractice cases. Appropriate client selection and file opening procedures are important risk management tools that you can incorporate into your law practice. Not only does this enhance work satisfaction, we believe that it can provide your clients...
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In
a previous column, we described some of what an underwriter does as
they try to find an appropriate match of risk and premium. Yes,
there is a science to underwriting – The Law of Large Numbers,
actuarial statistics, etc. But there’s also an art to it. We are
not Robo Underwriters who simply plug numbers into a formula, hit a
button and wait to see what premium is spit out. We have to
consider factors that are not quite as quantifiable. For example,
if a firm has claims, we would need to know more than just how many
claims. We look further to understand the severity and the
frequency of claims, the practice areas they fall under, the
attorneys involved and so on. Instead of just knowing what practice
area(s) an attorney specializes in,...
In
2011, ALPS formalized its commitment to education and risk
management with the advent of ALPS Educational Services (AES). With
over two decades of working in all phases of the professional
liability insurance industry — from underwriting to sales, to
marketing and education — there are real benefits ALPS brings to
our policyholders and the legal profession. Not only does ALPS
provide premier protection to its policyholders, but we have always
been committed to Continuing Legal Education and risk management
programs.
Believe it or not, file
handoffs can lead to trouble if not properly managed. It
doesn’t matter if the handoff is from a partner to an associate,
from one firm to another post referral or purchase of a practice,
or is to a new firm or attorney after the current attorney’s
practice has ended due to death, disability, retirement, or
disciplinary action. There are concerns that should be
addressed with all of three situations. Why? Because an
attorney’s liability for a client file isn’t limited to the
decisions made or actions taken solely during the time he or she is
personally responsible for doing the work on that file.
Websites,
every business needs one, and lawyers are no
exception. Websites are in wide use within the legal
profession and for good reason. After all, who takes the time
to pick up the yellow pages anymore? Many homes have even
opted out of receiving the yellow pages all together, ours
included. Prospective clients routinely search out lawyers on the
internet and visit their websites. And for business development and
marketing reasons lawyers want prospective clients to be able to
contact them directly. As lawyers, however, we need to be
aware of the potential risks a web presence can create that can
lead to problems down the road. One common misstep that we
repeatedly see is the posting of individual attorney e-mail
hyperlinks on a firm’s...
"Of
counsel" is one of those terms that has multiple
meanings. This term has traditionally been used as an honorary
designation for retired partners, as a special designation for firm
attorneys who are neither a partner nor an associate, and as a way
to describe part-time attorneys who have created an association
with a firm. In recent years, however, more attorneys seem to
want to use the term solely as a way to generate additional
business. After all, the increased exposure coupled with the
presentation of close ties with another firm can be an effective
marketing tool, right? Well perhaps, but there are risks that
come into play and these risks should not be taken lightly.
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