Archive for the ‘Risk Management’ Category

7 Law Firm Insurance Misconceptions

I know it’s true because I read it on the internet, right? There are lots of misconceptions out there in every area of life and in the law firm insurance world (a small world where geeks like me live) is no different. These are seven common misconceptions that we find among law firms: 1. Raising […]

Cyber Leadership: Five Reasons to Appoint a Cyber Partner

The time has come for you to appoint a Cyber Partner who will lead the firm’s Cyber strategy. The major management functions of the firm have a supervising partner – Finance, Hiring, Business Development, etc. This appointment is now critical for these five reasons: Business Risk – Sophisticated clients such as financial institutions have begun […]

NY Law Firm Cyber Attack Foiled – See how they fought back from this devious plot

Everyday, there are reports of another company being hacked (Sony, Target, Chase, etc.).  A New York law firm was recently attacked by a sophisticated cyber fraudster attempting to steal a substantial amount of money.  Learn from this incident so that it doesn’t happen at your firm. What Happened:  The firm received an email from the […]

Four Signs You Don’t Have Enough Malpractice Coverage

 Having the right amount of coverage is important, maybe the most important factor, in your insurance program.  While there are detailed processes (here) we suggest to figure out what limit you need, here are four signs that you have too little malpractice coverage: 1)      “Same limit as ten years ago” – Times have changed – […]

Managing Partner Errors: The four common but correctable professional liability mistakes

It’s true. Managing partners are making some key mistakes that are costing the firm money and more importantly, imperiling their firm. They are pressed for time, so some of these mistakes are from a lack of attention, but it’s mostly from a piecemeal understanding of key decision points for their professional liability program. The four […]

Avoiding The Professional Liability Claims That Can Destroy Your Firm – and it’s not what you think

If properly reported to insurance companies, your professional liability policies cover you for claims made against you for errors and omissions in your practice of law.  While most claims are reported when you first are put on notice of an impending lawsuit, other times it is appropriate to report a claim when a circumstance arises […]

Lateral Hiring (Almost) Never Works – The Experts Say Why and What You Can Do About It

Watch this post – Length 2 minutes Lateral hiring is a statistical disaster.  Is it the right move your firm? A survey from American Lawyer found that “96 percent of managing partners said they expected to grow through lateral partner hiring over the next two years, yet only 28 percent reported that lateral hiring had […]

Suing for your fees: Three insurance considerations to safely collect what’s rightfully yours

As old as the practice of law, the rare but always present need to deal with clients who do not pay their bill has persisted.  There are the accounts receivable calls, the awkward reminder calls, the pressing deal-making December calls and every other follow up procedure that you have implemented in the firm to avoid […]

Lowering your professional liability premium: How to correctly answer the four critical application questions.

As the managing or administrative partner, you have the annual, painful task of completing the lengthy professional liability application.  There are 30-100 poorly worded questions (10-20 pages) depending on which supplements are applicable to your practice areas.  Although there can be other landmines, particularly in the supplements, there are four questions that have the largest […]

Partnership Agreement and Buy Out Insurance – What you wish you knew before your partner got disabled.

Well run firms take multiple steps to ensure the transition of leadership and revenues of the firm from the partners of today to the partners of the future.  It is commonly known that a Life Insurance Buy Out plan should be in place (in the partnership agreement and backed by insurance) for transition planning should […]