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 >>
Friday, June 24, 2016Approximately 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 >>
Thursday, June 23, 2016This is an excellent article came from the Surplus Lines Association of Illinois describing Surplus Lines insurance carriers: In order to understand what surplus line insurance is, it is helpful first to understand a few things about the insurance marketplace and to understand what surplus line insurance is not. READ MORE >>
Wednesday, June 22, 2016Most attorneys understand that if they have an actual claim made against them or a lawsuit filed that they need to notify the insurance carrier immediately. It is also important for the attorney to know when they should put their professional liability insurance carrier on notice for a potential claim. READ MORE >>
Tuesday, June 21, 2016CEOL stands for Claims Expenses Outside the Limits. The purpose of CEOL is to provide additional coverage for claims expenses to help preserve the primary limit of liability. The other option is Claims Expenses Inside the limits (CEIL). With CEIL, every dollar used for claims expenses reduces the liability limit by a dollar. READ MORE >>
Friday, June 17, 2016For a solo attorney, once the attorney is suspended from the practice of law, the lawyers professional liability insurance carrier will not renew insurance coverage. The attorney malpractice insurance policy covers the work of a licensed attorney. READ MORE >>
Wednesday, June 15, 2016While it is one of the more boring things to do, properly completing the Lawyers Professional Liability Insurance application is very important. While this process takes away from billable hours, if done incorrectly it can lead to having claims denied, the law firm being non-renewed, or if the error is material enough coverage rescinded. READ MORE >>
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