Last week I
turned sixty-five and realized that I am not far off being eligible
for Social Security and Medicare. The problem is I don't feel old
enough to be eligible for either, and I have no desire to retire.
Sixty-five used to be the milestone that people kept in mind as the
date when they got the gold watch and started drawing their
retirement from their employers defined benefit pension. Very few
of those exist anymore and most of them have been turned over to
the Pension Benefit Guarantee Corporation (PBGC) as part of a
corporate chapter 11 bankruptcy filing. Now for many of us it's
just another birthday with no meaning greater than any other. This
thought string got me thinking about lawyers and retirement
generally.
The world has...
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Recently
one of ALPS' Claims Attorneys, Mike Flaherty, presented to the
Knoxville Chapter of the ALA on the issue of suing your clients for
fees. I developed content for that presentation and heard from Mike
that the session was well attended by ALA members. In fact, Mike
was slated for a 30 minute presentation, but because there were so
many questions, he stayed for a full hour. Obviously this is a
burning topic for legal administrators and attorneys right now. I’d
like to share my tips on this issue to help you avoid the risks
that are incurred if you are faced with suing your clients for
fees. In addition to the tips below for collecting your fees, take
a look at ALPS Risk Management Report on Billing and
Collection.
Suing your client for...
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As an LPLI policyholder, you may wonder exactly what an underwriter
does. The basic purpose of underwriting is to evaluate risk, decide
whether that risk will be accepted and determine an appropriate
premium to cover that risk.
A quote that has been floating around the world of underwriters for
a long time is “The perfume of the premium must overcome the stench
of the risk.” It is our attempt at humor. However, when it comes to
your firm, everyone can help decrease the cost of the “perfume” in
the following ways:
- Have the firm’s individual attorneys complete three hours of
continuing legal education in the areas of ethics, risk management,
loss prevention and/or office management. This will automatically
qualify for a 10% credit applied to...
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