ALPS 411 is a multi-authored blog from the ALPS Corporation featuring expert staff and guest writers with a focus on making lawyers safe and successful in their practice.

Retirement and the Solo Practice – A Gold Mine for a Young Lawyer

Wednesday, May 9, 2012 by Bob Minto

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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The Fastest Way to get Sued for Legal Malpractice: Suing Your Client for Fees

Tuesday, March 6, 2012 by Wendy Inge

It's rarely a good idea for a lawyer to sue for feesRecently 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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The perfume of the premium must overcome the stench of the risk

Thursday, February 9, 2012 by ALPS Report
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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