Depending on the type of law you practice, and the type of clients you handle, your job is likely to be very demanding. Practicing law can be rewarding, but difficult, and includes complying with the rules that govern the administration of a law firm. As if your firm doesn’t already have a difficult task, charges of malpractice can certainly shake things up.
Charges of malpractice are not only damaging, but also difficult to defend. Small or mid sized law firms are not immune to such accusations, which is why mid size law firm legal malpractice insurance is highly recommended.
Client-attorney relationships may become strained
As a legal professional, you’re committed to the needs of your clients, and as long as the results are favorable your clients will remain satisfied with the results of any actions taken on your part. But should a judge rule against you, your client, upset by the judge’s decision, may determine that you are at blame for their loss.
When you represent a mid-sized law firm, your business has potential exposures due in large part to client expectations, many of which will not always be met. This can result in the increased likelihood that you could be named in a lawsuit, which is something no one wants any part of.
Lawsuits usually take an inordinate amount of your time, reducing billable time, plus you have the added burden of defense costs, which must be paid in even the most frivolous cases. This can be rather costly, especially to a smaller firm. We all realize that mistakes happen to everyone sooner or later, and can easily happen while practicing law, despite your best intentions, and any risk management procedures that you currently have in place.
While many cases brought against attorneys close without damages being awarded, the costs of having to defend against a lawsuit can often cripple a firm, not to mention the damage to one’s reputation. Having a qualified professional liability insurance program will not only be cost effective, it will help protect your business and your financial security. Don’t skimp on mid size law firm legal malpractice insurance as it is designed to give you the type of protection you so richly deserve.