The Basics About Legal Malpractice Insurance
No matter how good you are at what you do, at some point you’re going to have to deal with an unhappy client. This may be justified or it may not be. Either way, you may get sued for legal malpractice. This is a risk that all attorney’s face. Large firms and private practices alike aren’t immune to it. To protect against the risk, lawyers attain law malpractice insurance. Here is what you should know about legal malpractice.
High Risk Practices
Some firms are more of a high risk than others are. While all lawyers need legal malpractice, these attorneys need to be especially careful about their coverage. These practices include:
- Real estate
- Personal injury
- Family law
- Probate
- Bankruptcy
Practices that handle people and their finances tend to be more at risk of a suit if something does not go according to plan.
Law Insurance Benefits
When you invest in legal malpractice, there are several different benefits. For instance:
- It protects against professional negligence claims
- It protects you and your staff
- It aids in client confidence
- It fulfills ethical obligations
- It covers legal fees
Without these benefits, it can be extremely difficult for a firm to handle the lawsuit on its own.
If you’re a lawyer, you need to think about liability insurance. Law malpractice insurance isn’t simply a luxury to have but a necessity in many practices.
