Thursday, July 14, 2016Around the world things happen. A bad wind can blow through your law firm or accounting firm. Daily there are reports of people and regions around the world devastated by unforeseen unpredictable events – natural disasters, fires, storms, floods and earthquakes, along with man made disasters of cyber attack, terror attacks and/or power outages. READ MORE >>
Wednesday, July 13, 2016The exposure to law and accounting firms threatening their very existence from Cyber Crime has never been greater. Questions you need to answer is that if you have the things that cyber criminals want, do you have insurance coverage to protect you in cases where cyber criminals take? READ MORE >>
Tuesday, July 12, 2016Attorneys continue to be confused with claims-made coverage as to if a claim is covered. If the coverage is not in force at the time a claim is made there is no coverage. Some attorneys assume that claims-made coverage is like an occurrence policy in that if a covered act occurred during the time that coverage was inforce you can make claim at any time in the future. READ MORE >>
Monday, July 11, 2016Many law firms and accounting firms are still spending thousands of dollars on closed file storage. Some firms literally have tens of thousands of bankers boxes of closed client files in warehouses, basements, storage buildings, office space and garages. We are asked many times how long do we have to keep the closed files. READ MORE >>
Friday, July 8, 2016Attorney Malpractice carriers have found that the use of non-engagement letters/disengagement letters can reduce Lawyers professional liability insurance claims. Attorney Malpractice Insurance carriers have defended and paid on claims where the client alleges that the law firm was still rep... READ MORE >>
Thursday, July 7, 2016Overview of Engagement Letters Engagement letters confirm the representations scope setting forth the parties’ responsibilities, billing rates/contingency agreements and expense costs. Engagement letters should discuss the scope and limits of the firm’s representation. READ MORE >>
Tuesday, July 5, 2016Depending on the type of practice an attorney has, the Law Firm could be carrying large balances in Escrow and IOLA accounts. With smaller law firms, the firm may be relying on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks. READ MORE >>
Friday, July 1, 2016Don’t give informal legal advice to friends or family. It can be tempting at a party or family event, but it could be harmful to both yourself and the receiver of the advice. Your advice, given casually, may be less well thought-out than usual, or not backed by needed research. READ MORE >>
Tuesday, June 28, 2016Suits for fees are one of the leading causes of attorney malpractice claims. Some studies suggest that 33% of all malpractice claims are due to fee suits. The larger the percentage in over 90 days past due, the more likely the firm may have other issues when they try to collect the past due amounts that can lead to attorney malpractice claims. READ MORE >>
Monday, June 27, 2016One of the leading causes of lawyers professional liability insurance claims are conflicts of interest. Beyond representing both parties in a proceeding such as a divorce, there are many hidden conflicts that can cause a law firm problems. Not finding conflicts can lead to loss of clients, loss of fees, disciplinary issues and attorney malpractice claims. READ MORE >>
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