Attorneys, more than anyone else who has been engaged in some type of legal entanglement, know how liability lawsuits can destroy lives. However, many attorneys make the false assumption that they themselves are immune from liability simply because they're knowledgeable about the law and work hard at doing their jobs well.
However, even if they do nothing wrong, they, much like any professional, could still face thousands of dollars in legal bills if sued. And as is quite often the case, the person who hired the lawyer to protect them in court may later file a suit against them. That is why lawyers need to make the smart choice to invest in a lawyer professional liability insurance policy.
Legal malpractice suits are a common everyday occurrence
Lawsuits against legal practices are on the rise on a daily basis. Unfortunately, in addition to disgruntled client concerns, lawyers sometimes face litigation related to workplace issues that involve a staff member's performance as well. Despite the fact that many of these cases have no merit, mounting a defense could be costly, not to mention the hours of time devoted to addressing the claim and the anxiety the situation can bring, which can be a very costly proposition. The whole ordeal could result in damage to their reputation, a loss of their business or, even worse, their personal assets.
In fact, approximately 6% of all attorneys in the U.S. are likely to face an allegation of professional liability in any given year. What's more, claims activity against attorneys has steadily increased over the past two decades and lawyers in all parts of the country, all size firms, and all areas of practice are at risk every year.
Defending a lawsuit can be costly
Dealing with a professional liability claim can be expensive. Having this insurance coverage helps to ease that burden both, by sharing some of the monetary risk, and by assuming much of the responsibility for responding to and defending against a claim. Furthermore, this insurance policy can also help protect clients against significant losses, by helping lawyers meet their obligations to protect their clients' interests even in the worst of circumstances.
Obtaining legal liability insurance is a common-sense step for any practicing attorney. Most lawyers know all too well how litigious our society has become. They've probably seen clients who've been victims of malpractice suits and whose lives and financial fortunes have been ruined. Professional liability insurance is the best protection money can buy, and something no law professional should be without.
Lawrence J. Hall is an agent from at PLRisk which is a wholesale insurance brokerage covering the professional liability market.
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