Posted on: December 6, 2018 by Huntersure LLC.
For practicing attorneys, there should be a high level of importance on ensuring that they’re serving their clients as effectively as possible. But even with the best intentions in mind, there are still opportunities where liabilities can arise.
Malpractice claims can be produced for any small number of issues. But even with small issues, there may be big financial risks. According to a study, major insurers paid out excessive amounts in legal claims in 2017 with totals ranging from $50 million to $150 million. Attorneys of all backgrounds and legal practices are susceptible to legal malpractice claims. However, there are steps that can be taken to minimize the risk related to legal malpractice pitfalls that can lead to lawsuits.
Attorneys should know that keeping receipts is valuable when it comes to protecting their integrity and proving their innocence in a legal malpractice lawsuit. Attorneys should document everything they can and also easily access these documents for moments where they are called to present them. Saving emails, texts, print documents and notes will come in handy when litigation occurs.
When putting together all information from clients, attorneys need to be sure to ask clarifying questions until they have a full understanding of the facts of a case. This also matters when attorneys are gathering together all aspects of what the client wants accomplished. Not understanding all the details in a case or failing to act on a request from a client can result in major damages in finances and in reputation.
Lawyers who miss a date or scheduled meeting, even by minutes, can be hit with a legal malpractice claim. This is why lawyers professional liability insurance is an important piece of coverage that protects lawyers against claims big, small or unexpected. Lawyers should be sure to stick to their commitments to avoid legal malpractice claims associated with scheduling issues. One way this can be done is to set reminders up in personal calendars, digital calendars, and have administrative assistants remind them.
Having a large workload can actually be detrimental to a lawyer’s practice. While it may be tempting to take on a heavy workload because of the possible financial gains, it may actually work against an attorney who wants to keep their head above water in terms of work-life balance. Attorneys should plan out their tasks and take inventory of what they can actually take on in terms of clients and cases, so they can then avoid being stretched too thin. Tasks can also be delegated to associates to alleviate some workload, but ultimately it matters to only take on cases that can be effectively pursued.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (646) 751-3030 to learn more.