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L Squared Insurance Agency Blog: 8_2018

View the latest blog posts from L Squared Insurance Agency.

Identity theft continues to rise.  Want to be a target?  Posting personal details on social media like loans, credit cards or phone contacts will put you in the crosshairs of cyber criminals.   It can leave victims with big bills, or a bad credit rating (the points-based system lenders use to decide if you can borrow their cash). READ MORE >>

Many Law Firms carry large balances in Escrow Trust and IOLTA accounts.  What would happen if those funds disappear?  Law firms may rely on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks.  Unfortunately this “trusted” employee is a leading cause of loss. READ MORE >>

You're approached at an informal gathering about a legal matter that a friend has.  Giving informal legal advice to friends or family is like looking down the barrel of a gun to see if it is loaded. It can be tempting at a party or family event, but it could be harmful to both yourself and the receiver of the advice. READ MORE >>

Accountant called wanting to know how to make sure that she had insurance coverage for her past acts once she sells her practice. All Accountant E&O policies sold in the US are written on a claims-made basis.  In essence, once your Travelers Insurance Policy is canceled so is your coverage for past acts. READ MORE >>

Per a recent ABA article, Texas US District Judge Biery has a number of unique approaches to getting attorneys attention.  They include: 1. Warning of no 'Rambo' tactics or other forms of elementary school behavior in an August 14 order; 2. READ MORE >>

The former finance administrator for the ABA’s Information Services department, Karen M Healy, was recently arrested for stealing nearing $1.3 million of cellphones and IPads that she ordered in the name of the ABA. READ MORE >>

A leading cause of attorney malpractice claims is conflicts of interest. That little check box on the application can determine whether you get a preferred rate or even a malpractice quote from some insurers.  Beyond representing both parties in a proceeding such as a divorce, there are many hidden conflicts that can cause problems for law firms. READ MORE >>

2018 Webinar for Accounting Professionals

Approximately twenty-five percent of legal malpractice claims result from calendaring issues such as failure to know a deadline; failure to timely file; failure to record in a calendar; or failure to respond to a calendar reminder. READ MORE >>

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